Bridge creates Home Ground real estate agency in Sydney
Thu 24, Aug 2017
Bridge Housing will launch a new not-for-profit real estate agency to increase the supply of affordable rental accommodation in Sydney.
The agency will be part of the Home Ground Real Estate brand established by Launch Housing in Victoria. It will enable private landlords to support people seeking affordable rental housing by offering their properties for rent to Bridge Housing.
Bridge Housing will receive $100,000 in start-up funding from the City of Sydney to establish the new agency, which has been matched by a $100,000 donations from a private philanthropist to establish the new venture. The agency is expected to be fully operational by March 2018.
CEO John Nicolades said: "As specialists in housing people on moderate-to-low incomes across Sydney, Bridge Housing is always seeking opportunities to create more safe, affordable housing."
“This is an exciting new model that enables private landlords to participate in generating new affordable housing supply under the secure management of a community housing provider experienced in the social and affordable housing tenancies.”
“We are convinced that there will be strong support from private landlords who wish to make a difference by leasing their property through HomeGround Sydney."
The Deputy CEO of Launch Housing, Dr Heather Holst, said: “I am delighted that Bridge Housing is bringing this method of increasing the supply of affordable housing to life in Sydney. They are a very capable agency that really knows how to get housing on the ground and we are so pleased to be their partner”.
Private landlords can have their properties rented out at a reduced market rent or on a philanthropic basis to increase the supply of affordable housing and may receive a tax deduction for rent foregone, subject to approval from the Australian Taxation Office. Landlords who rent their properties at full market rates will produce income for Bridge Housing to reinvest in affordable housing for tenants.
There are currently more than 60,000 people on the waiting list for social housing in NSW.
For more information contact: Dr Reece Plunkett
email@example.com or (02) 8324 0859