Lottery Approach To Affordable Housing

A new shared equity affordable housing model is being tested in Australia.

1 minute read

June 28, 2004, 8:00 AM PDT

By Abhijeet Chavan @http://twitter.com/legalaidtech

Five per cent of two new release housing areas in Sydney are planned to be set aside for shared-equity affordable housing. Potential owners will be means tested and will own their house as tenants in common (a form of joint ownership) with an investor or welfare agency. Under this model, half of the home, risk and mortgage payments are owned or covered by the investor/welfare agency for at least 10 years. Due to the shortage of affordable housing in Sydney it is anticipated that ballots will need to be held to select purchasers.

Thanks to Charlotte Fitzgerald

FULL STORY: The great house lottery - but only for low earners

Saturday, June 26, 2004 in The Sydney Morning Herald

Housing United States

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