Sustain Community Housing is a social enterprise that brings a new approach to social and affordable housing. Sustain’s vision is to be innovative in providing sustainable community and affordable housing throughout New South Wales making a positive difference to people’s lives. In 2015, Social Ventures Australia, Social Enterprise Finance Australia and private investors contributed $2.1 million towards Sustain’s first project – a redevelopment of 2,400 square metres of land in Colyton, New South Wales. The land was developed into six dwellings, with four sold to private buyers off the plan, and two to be used for social housing purposes. The profits from the initiative will be used for future developments with the same structure, with the goal to reduce the current ten-year waiting list for social housing.
Sustain Community Housing – Colyton Project
To pilot a mixed development model in Western Sydney that will provide social and affordable housing without a Government contribution.
Colyton, New South Wales, Australia.
The first development in Sydney suburb, Colyton, created six dwellings, with four sold to the private market and two to be tenanted by social housing tenants.
- Social Ventures Australia (SVA Social Impact Fund)
- Social Enterprise Finance Australia (SEFA Loan Fund)
- Private investors
Sustain Community Housing.
Sustain Community Housing has been established to bring a new approach to social and affordable housing. Over the next three years, Sustain intends to put in place strategies to develop 40 homes through the National Rental Affordability Scheme and other opportunities.
Impact fund Investment
- Debt -Social Ventures Australia and Social Enterprise Finance Australia – total of $1.6 million
Sustain Community Housing approached SVA and SEFA, who were allocated Government funds under the Social Enterprise Development and Investment Fund (SEDIF) program, a $20 million fund in partnership with Federal Government intended to facilitate investment for early-stage social enterprises. After a period of initial due diligence, Sustain secured the financing for the pilot project on the basis that it was a sustainable business model with potential to replicate.
The goal of the investment was to construct six dwellings, four of which were sold off the plan to private buyers. Sustain will keep two which will be managed as social housing. Profits from the sales will feed back into future projects with the same structure.
Profits from the sale of the duplexes will be used to fund future projects for social housing. Sustain Community Housing would like to see a couple of thousand houses built in New South Wales in under five years.