International measures to channel investment towards affordable rental housing and their adaptation to Australian conditions
Summary
This research was commissioned by the Western Australian Department of Housing to describe and assess international models for financing affordable housing that use public subsidies and incentives to attract large-scale commercial finance. The study examined six countries (France, United States, Switzerland, United Kingdom, Netherlands and Austria).
Project Number: 30440
Research Theme: Public_and_Community_housing, Housing_affordability
Project Leader: Lawson, Julie
Funding Year: 2009
Research Centre: RMIT
Description
Drawing from the international cases used in this study, it found that public and private co-financing could generate substantial affordable housing investment in Australia, but to be successful there must be:- Articulation of a clear public vision, goals and targets for affordable housing.
- Specific mechanisms to raise and distribute large tranches of private finance structured in keeping with the local institutional context.
- Industry norms and an effective regulatory framework to ensure decent standards, drive costs down and optimise benefits for tenants.
- Supply and demand side subsidies provided on a long term basis.
- Recognition that it is governments' (not the providers') responsibility to support incomes that are inadequate to afford decent housing.
- Allocation of responsibility to housing providers for provision of housing and housing services that are cost effective.
- A mix of household incomes in housing projects to promote the social acceptance of affordable housing, integrate disadvantaged households and contribute to a more secure revenue stream for providers and investors.
More Information
Research Paper: International measures to channel investment towards affordable rental housing
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