Homes for Homes, which aims to increase social and affordable housing, has been developed by Australia’s largest and most successful social enterprise, The Big Issue. The Homes for Homes initiative is funded by donations of 0.1 percent of the initial and subsequent sale price of individual blocks or houses.
Capital Estates Managing Director Stephen Byron said Denman Prospect would be the first entire suburb in Australia to commit to the Homes for Homes initiative.
“Our commitment is that we will donate 0.1 percent of the sale proceeds of all land we sell at Denman to Homes for Homes for homeless projects in the ACT,” Mr Byron said.
“We will ensure that all builders who purchase land have a permissive caveat on their title, meaning there will be a follow up donation of 0.1 percent of all builders’ sales.
“Further, we will register all sales direct to home owners with Homes for Homes, meaning they will purchase the property with the Homes for Homes permissible caveat in place. This means that while they have the right to remove the caveat at any time under the Homes for Homes model, the whole suburb of Denman will be committed to the initiative, helping to reduce homelessness in the ACT.”
Denman Prospect will have around 2000 dwellings. The first land sales will occur in the next two months. Homes for Homes donations from the Denman Prospect development will be invested back into social and affordable housing in the ACT.