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Venture Housing
The Territory Government has established an affordable housing rental company that will provide Territorians with properties to rent at below market rates.
The company, Venture Housing, will provide rental properties for low to moderate income earners in the Territory who are having difficulties affording market rental prices, although they may not necessarily qualify for public housing.
There will be a strong emphasis on targeting key workers vital to the Territory economy, such as workers in retail, trades and hospitality. They will also be working with people with disabilities who require supported housing arrangements.
This not-for-profit company is managed by two well established and successful affordable housing rental companies, Housing Choices Australia and Unity Housing Company. Venture Housing will build new partnerships with private sector businesses and non-government organisations to deliver their housing projects.
Although the Territory Government has supported the establishment of Venture Housing with funding, property, land and office space, the company will operate at arm’s length from government. Over time the company will receive sufficient rental income to become self sustaining which will enable Venture to grow its housing stock.
The establishment of Venture Housing is part of the Housing the Territory strategy and supports the Territory 2030 Strategic Plan target of a establishing a balanced housing market by 2030. The concept for the affordable housing rental company now know as Venture Housing was developed in consultation with other jurisdictions and local non-government organisations to understand what model would work best for the Territory.
New housing construction underway
There are already 35 new units under construction in the Village@Parap, redevelopment of the former Wirrina public housing site that Venture Housing will manage and have available for rent in mid 2012.
The Territory Government has also provided Venture Housing with land in Driver with the potential to produce up to 21 dwellings.
National Rental Affordability Scheme (NRAS)
Venture Housing has already been successful in securing 256 NRAS incentives from the Australian Government. Each dwelling delivered under the NRAS scheme will be rented at a rate that is at least 20 per cent below market rates.
