Nation Building Economic Stimulus Plan (NBESP)
Compass Housing were recently awarded title to almost 1000 properties through the Nation Building Economic Stimulus Package, under this competitive tender we were awarded all packages that we applied for and were one of the two highest recipients of this tender. Compass has received over 500 of these dwellings and these dwellings will continue to be received until construction is completed. Compass will then leverage more affordable housing stock from these dwellings over a period of ten years which will assist in the ongoing need for more affordable housing stock.
In February 2009, the Commonwealth announced the provision of additional funding for social housing under the Nation Building Economic Stimulus Plan (NBESP). Funding of $5.238 billion was allocated to the Social Housing Initiative over three and a half years from 2008-09 to 2011-12 for the construction of new social housing (in two stages), and a further $400 million over two years for repairs and maintenance to existing social housing dwellings.
This Initiative is being conducted in partnership with State and Territory governments. It will provide a boost to public housing and housing administered by the not-for-profit community sector and is designed to assist low income Australians who are homeless or struggling in the private rental market.
More than 19,300 homes have been approved for new construction. Generous land contributions by State and Territory governments and leveraging by community housing organisations means that the average cost of the new homes is below the original cost estimate of $300,000.
The Repairs and Maintenance program has resulted in a significantly higher number of public and community housing dwellings being repaired than originally anticipated with around 80,000 dwellings having benefited from repairs and maintenance works. This includes major repairs to approximately 12,000 run down dwellings that would no longer have been able to be used as social housing, far exceeding the original target of 2,500 dwellings to be returned to housing stock.
For more information relating to the Federal Governments' Nation Economic Stimulus Plan please click here