THE Queensland Parliament has passed new legislation to support the expansion of The Big Issue’s not-for-profit Homes for Homes enterprise across the state.
Under the reforms to the Housing Act 2003, sellers of privately-owned property will be able to donate a portion of the sale to Homes for Homes to help provide further targeted investment for social and affordable housing.
“Under the Homes for Homes model, when a property is sold, 0.1 per cent of the sale price is donated to Homes for Homes by a seller who has volunteered to participate in the scheme,” said Leeanne Enoch, minister for housing.
Outside of Queensland, Homes for Homes generates private sector revenue to invest in social and affordable housing through property owners voluntarily agreeing to donate 0.1% of the sale price of their property and are reminded to do this at the point of sale by a caveat on the land title.
“At the moment, Queensland land titling law does not allow the use of caveats in this way. But amendments to the Housing Act 2003 enable an administrative advice noting the existence of a donation deed to Homes for Homes to be recorded on land titles instead,” added Enoch.
“Changing your mind about donating is okay and the amendments ensure property owners can withdraw their voluntary participation in the scheme.”
The government has also made legislative changes to Queensland’s retirement villages industry, enhancing financial transparency and operators’ accountability.
“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,” said Enoch.
“The changes mean a regulation can set out more detailed reporting requirements for financial statements, budgets and quantity surveyor reports.”
The state government committed to provide $500,000 seed funding to Homes for Homes at the Housing Summit last October, to enable the not-for profit donation deed model to operate in Queensland.
“At Homes for Homes we are incredibly excited to be introduced into Queensland through this bill,” said Tracy Longo, chief operating officer at Homes for Homes.
By 2050, Homes for Homes estimates it can contribute as much as $213 million towards increasing much needed social and affordable housing funding in Queensland.
“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,” concluded Longo.
