Number and type of affordable/social housing dwellings
Elevate offers well located, quality and affordable accommodation. Tenants in a Elevate home pay rent at 25% under market rates.
Approximately 110 brand new, affordable homes. Mainly one and two-bedroom apartments, close to transport and employment hubs, with excellent building amenity and quality fixtures and fittings. Locations include Duncraig, Perth CBD, Subiaco, East Perth, Rivervale, Atwell, Joondalup. Completion March 2021.
Project value is $45million (inclusive of land).
Area of housing continuum
Moderate-income housing and 12 social housing units.
Client group served
Prioritised for essential workers with household incomes between $45k – $102k. Local teachers, nurses, police officers, childcare, retail and local government workers.
How it was delivered
Foundation Housing purchased new and near-new units in several developments of varying size.
Funded via the National Housing Finance and Investment Corporation (NHFIC).
How affordability is ensured long term
The rental income will fund the original investment. In accordance with Foundation Housing Limited’s (FHL’s) charitable status, rents will not exceed 75% of market rent and in accordance with FHL’s remit to provide affordable housing, rents will be no more than 30% of a household’s income.