BRISBANE COMPANY REACHES AFFORDABLE HOUSING MILESTONE

Housing Minister Robert Schwarten officially unlocked the Brisbane Housing Company’s 500^th unit of affordable accommodation today as he officially opened the company’s newest housing development in Kelvin Grove.

Mr Schwarten said the opening of the 56 unit complex in Musk Street and subsequent achievement of 500 units was a remarkable achievement for the no-for-profit organisation.

“The Brisbane Housing Company was developed in 2002 through a partnership between the Department of Housing and Brisbane City Council as an independent company with an objective of increasing the supply of affordable housing,” Mr Schwarten said.

“It represents an innovative approach to social housing in Queensland, providing a mix of boarding houses and unit accommodation at or below 74.9% of market rent to households on low incomes.

“The State Government provided $99 million to the Brisbane Housing Company from its establishment in 2002 to 30 June 2006.

“A further $10 million in State funds has been committed up to June 2008, bringing the Government’s total investment in Brisbane Housing Company to $109 million.”

These funds have been supplemented with $12 million from the Brisbane City Council to June 2006, with a further commitment of $4 million from Council to June 2008.

Mr Schwarten said the company’s property portfolio would be further boosted with 27 units in School Street in Kelvin Grove and 67 units in Danby Lane in Nundah to come online later this year bringing its stocks to 580.

“With the funding commitments from the State Government and Council, the Brisbane Housing Company is expected to achieve approximately 870 units of accommodation by June 2009,” he said.

“To further increase the supply of affordable housing in Brisbane, the company is exploring other sources of funding in partnership with a range of financial institutions, including super-fund managers and banking organisations.

“The Company is a smart way of increasing the supply of affordable housing in Queensland.”