Capital Airport Group made its first major donation to The Big Issue’s Homes for Homes initiative this week, as a result of settling the sale of more than 275 blocks of land in Denman Prospect.
Capital Airport Group committed to the Homes for Homes initiative when it started selling blocks in Denman Prospect after buying the suburb from the ACT Government earlier that year.
As part of the Homes for Homes initiative, 0.1 per cent of the sale price of all properties in Denman Prospect is donated to projects that address the shortage of social and affordable housing in the ACT.
As a result, the first payment of $126,103 was made to Homes for Homes on the 6th December 2017. The money will go towards addressing homelessness in the Canberra community.
“Homelessness is a chronic problem for Australia and for all societies,” Capital Airport Group’s Managing Director Stephen Byron said.
“It’s a problem that needs money to solve it. We are very pleased to play our part noting that all funds raised from Homes for Homes in Canberra will be put to work in this community.”
Capital Airport Group anticipates that more than $1.5 million will go towards the initiative from Denman Prospect over the seven years, and they are encouraging all land developers in the region to come on board with the scheme.
In addition to donating 0.1 per cent of all land sales in Denman Prospect, which will eventually include over 4,000 dwellings, Capital Airport Group is also including the Homes for Homes donation in the Title for every property in the suburb.
“This means homeowners can choose to donate a tax deductible 0.1 per cent of the sale price to Homes for Homes if they sell their house in future,” Mr Byron added.
There is no cost to purchasers in entering the scheme, and no cost to leave if they so choose, as the ACT Government has waived all legal costs in registering or removing the caveat from the Title.
Denman Prospect is the first entire suburb in Australia to commit to the Homes for Homes initiative.
Steven Persson, CEO of The Big Issue, officially received the first cheque from Capital Airport Group.
“We’re incredibly grateful for the generosity of Capital Airport Group and the ACT Government – not only will the upfront donation from Capital Airport Group support the development of social and affordable housing in the ACT, but future generations of property owners have the opportunity to help those less fortunate,” he said.