$3 MILLION TOWARDS AFFORDABLE HOUSING PROJECTS

THE Federal Government’s Building Better Regional Cities program will deliver more affordable housing in the Hastings through a $3 million infrastructure grant.
Independent Lyne MP Rob Oakeshott congratulated Port Macquarie-Hastings Council on its successful application, which will help fund capital works supporting the development of about 4000 lots near Thrumster and 750 lots on the Innes Peninsula.
“The funding means the Sancrox Water Reservoir, needed to service a residential development at Thrumster, can be built sooner,” Mr Oakeshott said.
“It also allows The Ruins Way at Innes Lake to be extended to provide access to another 750 planned lots.
“In a further effort to improve housing affordability, the council will offer a rebate scheme to low-to-moderate income earners to reduce the purchase price of the lots at both sites, once they become available.
“We’re seeing a mini-stimulus package for the retail sector through increased family payments, and the feedback is it’s having an impact on sales. This grant is a similar stimulus for the local housing and construction industry and again I hope it makes a difference.”
Mr Oakeshott said the Hastings had experienced declining housing affordability in recent years as a result of strong population growth, a slowing in construction and higher demand for rental properties.
“This Commonwealth grant will help ease some of that pressure by making it possible for the council to bring forward its infrastructure works in the Thrumster and Innes areas by three to four years,” Mr Oakeshott said.
“In the past, local infrastructure investment has primarily been the responsibility of state and local governments. The Building Better Regional Cities program is recognition from the Commonwealth that, due to massive demand for regional infrastructure, local councils can not do it on their own,” Mr Oakeshott said.
Work will start early next year on construction of the $9 million Sancrox Reservoir and the extension to The Ruins Way, with both infrastructure projects programmed for completion in 2014. Lots are expected to be available later this year in both the Thrumster and Lake Innes areas.