A $50 million affordable housing development in Rockdale was launched today by NSW Housing and Homelessness Minister Rose Jackson.
The 80-unit affordable rental housing development at 427 to 429 Princes Highway, Rockdale is aimed at helping to ease housing pressure for low to moderate income earners in the inner south.
It will house approximately 150 residents.
Residents will pay no more than 30 per cent of their household income in rent and rents will be capped at 74.9 per cent of market rent.
Called Tallowwood Apartments, it is being built by not-for-profit affordable housing provider and developer City West Housing.
The unit mix was informed by the Bayside Local Housing Strategy which revealed a need for one-bedroom apartments.
10 per cent of the apartments will be adaptable. The building will be all-electric and inlcude Solar PV panels to power the common areas as well as power distributed to residents through a SolShare system.
It is due to be completed in 2026.
The 11-storey mixed-use development will include two ground floor commercial tenancies, and basement car parking for 28 vehicles including GoGet car share parks.
It will be the first time City West Housing has developed outside the City of Sydney, where it owns and manages 20 apartment buildings housing more than 1,600 residents on subsidised rents.
"The cost of living has never been so high in Sydney and surrounds and so it's great to see affordable housing providers such as City West Housing expand out of Sydney so more people can benefit," Ms Jackson said.
"It's clear that we need real solutions and we need them now and this project is one of those solutions that will benefit those who need it most."
Bayside Council Deputy Mayor Joe Awada congratulated City West Housing on the Tallowood project.
"I am pleased that their first project outside of the City of Sydney is here in the heart of Rockdale. This apartment development will provide affordable housing to low-income residents and workers enabling them to live close to where they work."
City West Housing CEO Leonie King said: "We are delighted to get this project underway as the housing crisis is disproportionately impacting people on lower incomes, as they face both severe supply and affordability issues in finding a home.
"For many, the prospect of homelessness is very real. We thank the NSW Government and Bayside Council for their support."
