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The Housing Act 2003 has been amended in order to support the expansions of the Homes for Homes initiative in Queensland.
Homes for Homes is a not-for-profit social enterprise established by The Big Issue magazine, and with Parliament passing legislation in support of the initiative, sellers will be able to donate 0.1 per cent of the sale price of a privately-owned property to the non-profit organisation with their agreement to donated being noted on land titles under reforms to the Housing Act 2003.
In other Australian states, the initiative uses caveats on land titles to remind the seller of the voluntary donation at the point of sale, however, Queensland land titling law does not allow the use of caveats in such a manner.
The scheme is designed to generate private sector revenue to invest in social and affordable housing through these voluntary donations.
Homes for Homes estimated that it can contribute $213 million towards increasing the supply of social and affordable housing in Queensland by 2050.
During the Housing Summit in October 2022, the government pledged to provide $500,000 seed funding to Homes for Homes in order to help the initiative’s donation deed model operate in Queensland.
Housing Minister Leeanne Enoch said the amendments to the Housing Act 2003 will enable administrative advice noting the existence of a donation deed to the scheme to be recorded on land titles.
Homes for Homes chief operating officer Tracy Longo said: “Funds raised through Homes for Homes will create more social and affordable housing for Queenslanders on the margins.”
“We have already funded four housing projects in Queensland and look forward to expanding and creating more positive change. We thank the Palaszczuk Government for its support and leadership on this critical issue,” Ms Longo continued.
In addition, reforms to the Retirement Villages Act 1999 are set to help improve financial transparency and accountability in Queensland’s retirement villages.
“Residents will have increased access to village financial documents from the 2023–24 financial year, which enables their participation in village affairs and better accountability for their funds.
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“The changes mean a regulation can set out more detailed reporting requirements for financial statements, budgets and quantity surveyor reports.
“We will continue to consult with industry, residents and consumer groups to develop the new financial reporting regulation and set a realistic timeframe for implementation,” Minister Enoch said.
[RELATED: Tax concessions introduced to Qld Build-to-Rent program]
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