Yarra home to landmark affordable housing deal
Tuesday 15 September 2020
Ten apartments from a new development in Alphington will be donated for affordable housing.
This milestone affordable housing agreement was recently achieved between Yarra City Council, Community Housing Ltd (CHL), and private developer Alpha Partners (Alpha).
The apartments, at the former Alphington Paper Mill site, will be donated to the not for profit affordable housing association Community Housing Ltd (CHL).
The outcome will also see the sale of 140 apartments to CHL. The scale of the agreement sets it apart as a landmark transaction for the affordable housing sector.
“I’m really proud of this outcome because we so desperately need more public housing, more social housing and more affordable housing in Yarra – we can’t do everything at a local government level, but this agreement is an example of what can be done in new developments across the state,” said Yarra Mayor Cr Misha Coleman.
“It’s so important to have a range of affordable housing options available in Yarra, to make sure we continue to be a city made up of people from a variety of backgrounds.”
Affordable housing is important for people from low to moderate income households, ensuring they can afford accommodation, as well as basic living costs such as food, clothing and medical care.
“We are committed to pursuing opportunities to increase social and affordable housing in Yarra, and to encouraging the State Government to fund more public housing,” said Cr Coleman, “now is the time to 'build back better' and to fund public housing infrastructure, sparking both jobs and the provision of desperately needed housing.”
As part of this agreement, the 10 donated apartments must be used for affordable housing for at least the next 50 years. After that, CHL can sell the housing, but only if the proceeds go towards providing affordable housing in Yarra.
The 140 homes that CHL can purchase must be used for affordable housing for at least 10 years.
CHL is a registered not-for-profit organisation that delivers housing for vulnerable and low to moderate income people who are unable to secure housing in the market. They manage almost 2,000 properties across Victoria.
The Alphington Paper Mill site is at the corner of Heidelberg Road and Chandler Highway, and extends to the Yarra River. The site is a major redevelopment within the City of Yarra and inner Melbourne.
Construction of the project is anticipated to start early next year, with delivery in 2022. Find out more about the Alphington Paper Mill redevelopment.