A new partnership between Newcastle City Council and Compass Housing Group will see the joint contribution of $6-million to fund an affordable housing development within the Newcastle CBD announced today.
The new building, set to start construction no later than the end of the year, will feature 17 one and two bedroom units along Station Street in Wickham.
At least eight units will be completely reserved for key workers around the city, such as teachers and emergency services personnel, typically seeing rents capped at 30% of household incomes.
The remaining nine units in the building will be chartered specifically for social housing tenants.
The infrastructure project will cost up to $7-million to complete, providing it is completely approved by the local council.
The Compass Housing Group's Managing Director, Greg Budworth, has welcomed all support to move ahead with the development as he believes there is still a shortage in available living spaces around Newcastle and the Hunter.
"Every city across Australia is in desperate need for more social and affordable housing to be developed. The need is for about 500,000 properties to be developed over at least 10 years", he says.
"Newcastle is one of the most expensive cities to live in, so more housing available at lower prices are needed".
Image Sourced: Station Street Render - Compass Housing and Newcastle City Council releases
