THE $12.4 million refurbishment of Lakewood Housing Co-operative in Melbourne’s eastern suburbs serves as an example of the potential for co-ops playing a greater role in Housing Australia Fund.
Amidst Australia’s chronic shortage of social housing in the midst of a housing crisis, rental co-ops could provide housing security, community and transferable skills.
The Lakewood redevelopment was jointly funded by the federal government and Australia’s biggest co-operative housing provider, Common Equity Housing Ltd (CEHL) and provides 80 units for renters needing secure and affordable accommodation.
“This model demonstrates how the co-operative housing sector can collaborate to help alleviate the affordability crisis,” said Melina Morrison, chief executive of the Business Council of Co-operatives and Mutuals (BCCM).
The support of Housing Australia was key to overcoming the hurdles faced over the six years construction phase, which included delays caused by COVID-19, which required residents to move into temporary accommodation across Melbourne.
“Today we celebrate the resilience and determination of the Lakewood community to retain their co-op identity and return to their homes, which now offer much improved amenities and functionality,” said Liz Thomas, managing director of CEHL.
“The community housing sector is unique; it’s not focused on short term financial gain but on delivering permanent housing solutions. To do that, we must work with a financial partner with the same values and philosophy, Housing Australia met that brief.”
“Lakewood is testimony to how co-operative housing can deliver scale, affordability and community, where the people living in these homes work with CEHL to deliver more than just housing.”
The $10 billion HAFF was established under legislation passed last September with the aim of building 30,000 new social and affordable homes within the next five years.
“Forging partnerships is critical to ensuring more Australians have a safe and affordable place to call home,” said Julie Collins, federal minister for housing.
“This is exactly what the Albanese Labor Government will achieve through our new historic investments in housing including the $10 billion Housing Australian Future Fund and $2 billion Social Housing Accelerator.”
