The Snow Foundation provided seed funding over three years to the Big Issue Australia to further develop the Homes for Homes initiative in 2013. The initiative encourages homeowners and organisations involved in property transactions to donate 0.1 per cent of the sale proceeds, to the Homes for Homes initiative.
Denman Prospect, a new suburb in Canberra which is being developed by Capital Airport Group, committed to the initiative when it first started selling blocks in the suburb in 2015. It is the first entire suburb in Australia to commit to the initiative.
In addition to the donation, there is also a voluntary caveat on the title for all future property sales in Denman Prospect. This means builders and homeowners can choose to donate a tax deductible 0.1 per cent of the sale price to Homes for Homes, if they sell their house in the future.
Capital Airport Group anticipates that more than $1.5 million will go towards the initiative and on 6 December presented the first cheque to Homes for Homes for $126,103.
All the money raised in Canberra stays in Canberra and helps with ensuring there is adequate housing for everyone.
Media release on cheque presentation
More information on Denman Prospect