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Grants from the Victorian Property Fund in 2016-17

The Estate Agents Act 1980 allows the Minister for Consumer Affairs to make grants from the Victorian Property Fund (VPF) for the purposes specified in section 76(3) of the Act.

The Minister makes her decision on grants after consultation with the Estate Agents Council, Consumer Affairs Victoria and any industry associations, government departments and other organisations as appropriate.

We are responsible for administering the VPF grants program, which includes evaluating grant applications, making recommendations regarding proposals to the Minister, and administering the grants awarded.

To improve sector awareness of VPF housing funding opportunities, this year the Minister authorised the introduction of annual grant funding rounds for housing development projects, with the first round held in 2016-17.

The funding rounds make VPF housing grant opportunities more transparent and open to competition, enabling project proposals to be assessed together on the basis of competing merit. The funding rounds also allow better targeting of VPF housing funding to Government housing priorities.

Each funding round consists of two stages, involving an initial expression of interest process followed by invitations for formal applications. The first round targeted community housing organisations who develop and manage long-term community housing in Victoria. Four new housing grants were awarded totalling $14.9 million. The grants will fund six development projects that are expected to add 84 housing units.

In 2016-17, the Minister approved a total of six grants from the fund, totalling over $26.4 million. These are outlined in the following table.

Value is reported exclusive of GST, representing the net cost to the fund.

Expenditure shown in the financial information section of this report reflects part payment of these grants plus payments made in 2016-17 for grants approved in previous years.

Grants made from the Victorian Property Fund in 2016-17

Recipient

Description of funded program

Value (ex GST)

Rural Housing Network  Affordable Housing Developments at Wodonga and Shepparton
$1,173,900
Wintringham Housing  Affordable Housing Development at Heathcote
$795,000
Port Phillip Housing Association
Affordable Housing Redevelopment at City Gate Apartments St Kilda  $8,000,000 
Housing Choices Australia
Affordable Housing Developments at Newport and Dandenong  $4,952,100 
Heritage Victoria  Boost to Living Heritage Grants Program 2016-19
$1,500,000 
Director of Housing
Rooming House Upgrades 2016-19  $10,000,000 
Total    $26,421,000