Affordable Housing Fund

aerial_view_glebe to cbdThe City has agreed to sell land at Harold Park to an affordable housing provider for the sum of $10.3 million. As part of this sale the City has agreed to conditions I proposed at the recent Council meeting to quarantine they money in a dedicated account for future affordable housing. I requested that protocols for the management of these funds be decided on at a future Council meeting.

The sale is set to provide Harold Park with 76 new affordable housing units. Between 15 and 20 of these will be built to universal design standards to house people with a range of disabilities. The City has placed conditions on the sale to ensure that the land will remain affordable housing into the future regardless of the organisation managing the properties.

While I am always pleased to see the provision of new affordable housing I was concerned at the lack of detail surrounding the management of the money the City would receive from the sale. In the interest of good management and transparency I called on the City to place the funds in a quarantined account and to devise guidelines for the management and dispensation of the account, to be approved by Council. I am very pleased my fellow Councillors joined with me in supporting this proposal.

I will keep a close eye on the development of this land and I am looking forward to seeing the forthcoming guidelines for the City of Sydney’s affordable housing fund.

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