- Sellers will be able to donate a small portion of the sale of their privately-owned property to non-profit organisation Homes for Homes, with their agreement to donate noted on land titles under reforms to the Housing Act 2003.
- These ‘administrative advices’ will make it easier for Homes for Homes to operate effectively in Queensland and help provide additional targeted investment for social and affordable housing here.
- At the Housing Summit in October last year, the government committed to provide $500,000 seed funding to Homes for Homes to help the Homes for Homes donation deed model to operate in Queensland.
- Reforms to the Retirement Villages Act 1999 will improve financial transparency and accountability in Queensland retirement villages.
- The amendments to the Act will increase consumer protections by giving residents better access to village financial documents and ensuring villages hold appropriate levels of funds for capital replacement.
- Regulations to set minimum requirements for financial statements, budgets and quantity surveyor reports for retirement villages will be the subject of consultation with retirement village residents and operators following passage of the Act amendments.
Today, Parliament passed legislation to support the expansion of the Homes for Homes initiative in Queensland. Homes for Homes is a not-for-profit social enterprise established by The Big Issue magazine.
In other states, it generates private sector revenue to invest in social and affordable housing through property owners voluntarily agreeing to donate 0.1 per cent of the sale price of their property, and are reminded to do this at the point of sale by a caveat on the land title.
Quotes attributable to Housing Minister Leeanne Enoch:
“At the Housing Summit in September last year, the government committed to provide $500,000 seed funding to Homes for Homes to help the Homes for Homes donation deed model to operate in Queensland.
“Under the Homes for Homes model, when a property is sold, 0.1 per cent of the sale price is donated to Homes for Homes by a seller who has volunteered to participate in the scheme,” she said.
“The initiative already operates in other Australian states and uses caveats on land titles to remind the seller of the voluntary donation at the point of sale.
“At the moment, Queensland land titling law does not allow the use of caveats in this way.
“But amendments to the Housing Act 2003 enable an administrative advice noting the existence of a donation deed to Homes for Homes to be recorded on land titles instead.
“Changing your mind about donating is okay and the amendments ensure property owners can withdraw their voluntary participation in the scheme.
“We also have made legislative changes to help maintain public confidence in Queensland’s retirement villages industry by improving financial transparency and the accountability of retirement village operators.
“Residents will have increased access to village financial documents from the 2023-24 financial year, which enables their participation in village affairs and better accountability for their funds.
“The changes mean a regulation can set out more detailed reporting requirements for financial statements, budgets and quantity surveyor reports.
“We will continue to consult with industry, residents and consumer groups to develop the new financial reporting regulation and set a realistic timeframe for implementation.”
Homes for Homes estimate that by 2050, it can contribute $213 million towards increasing the supply of social and affordable housing in Queensland and will add to the Queensland Government’s record investment in social and affordable housing – the largest concentrated investment in Queensland’s history.
Third-party quotes from Homes for Homes Chief Operating Officer Tracy Longo:
“At Homes for Homes we are incredibly excited to be introduced into Queensland through this bill. This now means that every homeowner in Queensland can register their property with Homes for Homes and donate 0.1% of their home’s sale price to the creation of social and affordable housing when they sell.
“Funds raised through Homes for Homes will create more social and affordable housing for Queenslanders on the margins. We have already funded four housing projects in Queensland and look forward to expanding and creating more positive change. We thank the Palaszczuk Government for its support and leadership on this critical issue”.
Queenslanders who own a property can register it with Homes for Homes on their website: https://homesforhomes.org.au/.