Funding model for Pemulwuy Project
LETTER FROM THE ABORIGINAL HOUSING COMPANY TO ATTENDEES OF THE COMMUNITY CONSULTATION EVENING
Thank you to those who took the time to attend the community consultation evening for the Pemulwuy Project in Redfern. The Aboriginal Housing Company (AHC) is proud to have brought together over 150 members of the community to discuss the future of the project.
As the event was closed early, only part of the information was presented to the community, so we would like to take this opportunity to share our presentation in full. Our aim was to inform the community as a whole about our plans and key objectives for the development.
As was presented on the evening, the AHC has sought advice from tier one accounting firm, KPMG on our new funding model for the Pemulwuy Project, which will allow us to deliver on our core objectives:
- To deliver quality affordable housing to the Aboriginal and Torres Strait Islander community
- To retain full ownership and control of the site
- To create history for the Aboriginal and Torres Strait Islander people through a new era of self-determination
- By delivering this project to the community with no financial burden to our future generations, it means that they too can maintain long-term financial independence.
The new funding model means that we have had to modify the existing DA, amending the number of student accommodation from 154 to 522 rooms and the height of the building from 6 storeys to 16. This will allow the AHC to unlock the value of the land.
This will see the AHC grant a 99-year lease to student accommodation provider Atira, who will pay the lease up front. This income will allow the AHC to fully fund the development of Precincts 1 and 2 – allowing us to build and deliver 62 affordable housing for our Aboriginal and Torres Strait Islander community first.
The AHC will be implementing opportunities for employment, education and apprenticeships. We are also looking forward to leading the cultural heritage education for the Pemulwuy Project as part of student life.
Visit our AHC website, where you will be able to view the presentation in full. There is also a link to our feedback form, we encourage you to fill this out and share your views on the Pemulwuy Project.
– Alisi Tutuila, AHC Chairperson
Visit the AHC website, where you will be able to view the 61 page presentation at the Pemulwuy logo.