Central Coast Council is continuing its commitment to provide solutions that help to address the region’s affordable housing crisis, with the launch of an educational podcast. The podcast will help people to understand alternatives to commercial property leases, including Head Leasing, and how their money can go back into supporting the community.            

Head Leasing is a community housing model and is one way the market can provide affordable and community housing. The leasing arrangement is made between a private rental landlord and a community housing provider who then on-lets the property to people on low to very low incomes. The tenant may only be able to pay a portion of the rent but the community housing provider makes up the difference with subsidies and entitlements.

The ‘Socially Responsible Investors’ podcast, to be hosted on My Millennial Money, is an outcome of the Central Coast Affordable Housing Strategy and is aimed at local property owners and ‘mum and dad’ investors.  It will share information on how people with a home to rent out can be more socially responsible, while having the same income, securities and conditions as they would in the private market.

Council’s Director Community and Recreation Services Melanie Smith said the podcast will target all investors and people looking to invest in the housing market but will focus primarily on younger investors aged 35-55 years.

“We know it is this demographic who make decisions based on both social and financial outcomes. The podcast will also raise the profile of community housing providers and specialty services working in the space of affordable housing.

“Alarmingly, 24,200 households on the Central Coast are in housing stress and it is likely that these residents. don’t have income left over for essential items after they’ve paid the rent. With 60% of Central Coast households on very low, low and moderate incomes it is very likely that the number of households experiencing housing stress will increase into the future.

“We know the private market is failing to provide social and affordable housing and the pressure is mounting for people who are spending over 30% of their take home income on housing.”

Ms Smith said the podcast will also debunk some of the fears about leasing to vulnerable tenants and provide information about the entitlements available to landlords who take up a Head Leasing arrangement.

Council Administrator Rik Hart said Council has already started to provide real action on addressing the affordable housing crisis on the Coast, including partnering with Pacific Link Housing on projects for the development of affording housing properties.

“This latest initiative is a practical, targeted way where we are again working with experts in an effort help provide solutions.

“The podcast will encourage investors to consider Head Leasing as an option for their investment properties which will increase the supply of affordable housing on the Central Coast.”

The Podcast is available at https://www.mymillennial.money/mymillennialmoney in the Podcast tab.

ENDS