In an Australian-first, three LNG proponents, Australia Pacific LNG, GLNG and QGC’s Queensland Curtis LNG Project, have signed a landmark $19.8m funding agreement to formally create Gladstone Affordable Housing(GAH), a not-for-profit company specifically structured to help respond to the shortage of affordable housing in the Gladstone region.
The financial contribution from the LNG proponents will enable Gladstone Affordable Housing to develop an initial 35 affordable dwellings for rent as a key part of a broader building development program which will also provide units for sale in a range of locations. Further to this, it is anticipated additional housing outcomes will be delivered during the life of the agreement, which extends to December 2015. It is envisaged any profits made from the sale of units will be invested back into the development of more affordable housing in the region.
Gladstone Affordable Housing will bring together the expertise of Brisbane Housing Company, Queensland’s largest not-for-profit affordable housing provider, and knowledge and experience of local housing needs through Gladstone social service provider Roseberry Community Services and the Gladstone Regional Council. Roseberry Community Services will manage the completed dwellings.
The three proponents are pleased to be able to provide funding to fast-track the development of new affordable housing.
“We are confident that Gladstone Affordable Housing can deliver a range of affordable housing to help alleviate the rental pressures being experienced in Gladstone,” the LNG proponents said.
“Aligned with the industry’s commitment to supporting local business, Gladstone Affordable Housing will be engaging local suppliers and contractors wherever possible to help support local jobs and invest in the region’s economy.”
Gladstone Affordable Housing spokesperson Rebecca Oelkers said the launch of the new Company represented a significant step towards helping to ease affordable housing shortages.
“We understand the need for affordable housing in Gladstone; now that the funding agreement has been executed with the LNG proponents, decisive action can be taken to turn these plans into a reality as quickly as possible.
“The majority of the people GAH will be housing will have lived and worked in the community for years, retail staff, emergency services workers, health care workers, students, teachers, who can no longer rent or buy in Gladstone without spending a large percentage of their incomes on housing costs. These people are key workers and are vital to the make-up of any town in the range services they provide to the community,” she said.
Ms Oelkers said Gladstone Affordable Housing has been actively performing feasibility analysis on a number of potential development sites over the past six months in the Gladstone CBD, at West Gladstone and at Barney Point.
“We are keen to commence construction as soon as plans are approved and it is hoped the first new dwellings will be available in the first half of next year,” she said.
[mappress] LNG World News Staff, April 23, 2012