Page 5956 - Week 14 - Wednesday, 8 December 2010
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Under a 30-year loan agreement commencing in 2008, a $50 million loan facility was made to CHC, with repayment of principal required by 2018. To date, CHC has drawn down $43 million, with the remaining $7 million to be drawn down in 2010-11 and
has paid $2.3 million in interest. As at 30 June 2010, CHC had delivered 101 dwellings for affordable sale and 110 for affordable rental since the loan commenced. In terms of rebates, CHC has provided approximately $4 million in rental subsidies to eligible tenants since 2007.
Consistent with its mission and its not-for-profit status, CHC provides rental housing on a concessional basis to eligible tenants. The company’s tenancy composition consists of a number of models: public rebated rent; affordable housing, 74.9 per cent of market rent; and national rental affordability scheme, 74.9 per cent of market rent. The public rebated rent model is available only to tenants who had tenure at the time the ACT government transferred stock to CHC. The affordable housing model is capped at 74.9 per cent of the market rent of the property. The majority of CHC’s new dwellings receive subsidies under the national rental affordability scheme.
The legislation was introduced in 2008, as members would be aware, by the commonwealth government. To support CHC’s charitable status, CHC has adopted a consistent rental policy of charging 74.9 per cent of the market rent.
All new housing vacancies are offered at affordable housing rates or under commonwealth NRAS arrangements. The total rent subsidy provided by CHC to its eligible tenants in 2009-10 was $1.39 million, compared to $1.3 million in 2008-09. In this regard, the rent subsidy is comprised of $1.29 million for public rebated tenants and $100,000 for affordable housing tenants. The company has a varied housing stock portfolio, comprising detached houses, dual occupancy, group houses and apartments. Given the diversity of the portfolio, the stock count, based on property title, does not necessarily reflect the tenantable areas. As at 30 June 2010, CHC had a total of 229 tenantable areas.
MS PORTER: A supplementary, Mr Speaker.
MR SPEAKER: Yes, Ms Porter.
MS PORTER: Thank you. Chief Minister, what recent initiatives has CHC Affordable Housing undertaken?
MR STANHOPE: I must say CHC has a most commendable record of achievement since its establishment and I do acknowledge again the role of Ross Barrett, the chair, in its amazing record of achievement and the level of activity that it is currently delivering.
In December 2009 CHC completed development of a 19-unit development in Gozzard Street, Gungahlin. The development consists of 19 individual title residential units distributed within a single three-storey building. The accommodation composition consists of 11 one-bedroom and six two-bedroom units, with two three-bedroom top floor units. In January 2010 CHC completed its development in Holt, comprising 24
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