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Elevate

Welcome to Elevate, a housing program aimed at providing affordable homes for people on moderate incomes in WA, with a particular focus on keyworkers.

Elevate by Foundation Housing

Elevate is owned and managed by Foundation Housing and offers well located, quality and affordable accommodation. Tenants in Elevate homes pay rent at 25% under market rates. The Elevate apartments and townhouses are located in a number of desirable areas both north and south of the river. They offer great amenities, the latest in quality finishes and access to a great lifestyle

An Australian-first social enterprise model 

Elevate by Foundation Housing has successfully demonstrated a new and sustainable way to use funding to provide discounted, affordable rentals in desirable locations in Perth, whilst at the same time using proceeds to deliver much needed social housing. Using low-cost funding available via the National Housing Finance Investment Corporation (NHFIC), Foundation Housing purchased over 100 new homes from credible, high-quality private developers, all in central locations with proximity to public transport, employment hubs and retail precincts. The model benefited commercially through wholesale transactions and by leveraging the organisation’s not-for-profit status.

To be eligible, potential tenants had to meet eligibility criteria as a low to moderate income earner (household income was capped at $102k pa), and tenants pay no more than 30% of their household income in rent, which is capped at 75% of market rent. As well as repaying the debt and growing the asset value, the rental income from the properties is funding a further 12 new social housing properties, at zero cost to the taxpayer. 

“By supporting WA’s essential workers with affordable housing, we are providing homes for people in need and supporting those who enrich our community,” says CEO, Chris Smith.

Project Capabilities

Having successfully initiated, developed and managed the Elevate project, Foundation Housing has demonstrated its extensive project management skills to deliver future housing projects, including:

Commercial Acumen 

Foundation Housing identified and developed the model and assessed options for viability. As part of the application to access NHFIC’s Affordable Housing Bond Aggregator, a detailed project finance model was required within a strict timeframe. FHL estimated that approximately $55 million of stock could be acquired at market value for $45 million, resulting in at least $10 million of equity on settlement. As well as servicing the debt, the rental income is funding 12 new social housing properties. The value of the assets will build in the longer term, creating an independent financial base to develop more property assets for social and affordable housing, hence continuing to meet the organisation’s purpose of providing homes for those in need. 

Property Analysis

Foundation Housing identified the high-quality and desirable housing stock that will hold long-term value and then worked with reputable developers to purchase the properties. This was an extensive process, with over 500 properties assessed and partnerships created with 20 developers to secure the assets. 

Marketing

Foundation Housing ran a comprehensive and targeted marketing and communications program over a two-month period, successfully letting all 98 homes within a five-week period and fielding over 3000 enquiries. In doing so, this also had the impact of raising awareness about wider affordable housing issues in the community and positioned Foundation Housing as a recognised and reliable community housing leader amongst developers, partners, the community, and local and state governments. 

Tenancy and Property Management

Foundation Housing manages all aspects of the ongoing tenancy and property management arising from the purchases. 

 

Relieving rental stress: Jake’s Story

Foundation Housing housed frontline worker Jake in early 2021 after he went through months of rental stress to find an affordable place to live.

“I visited about four or five rentals and I wasn’t even a consideration because people were walking through the door and saying ‘can we offer more’. I didn’t know what to do to have a fighting chance,” says Jake.

Read the full article here.

Jake in his Subiaco Elevate Apartment, 2021

Contact Us Office Locations

Office Hours:

Monday, Tuesday, Wednesday, Friday: 8:30am to 4:30pm
Thursday: 12:30pm to 4:30pm*

General Enquiries: (08) 9422 0700
Maintenance / Repairs: 1300 895 205

Office: 297 Vincent Street, Leederville WA 6007
Postal: PO Box 214, Leederville, WA 6902

*Leederville Reception is closed on Thursday mornings.

Office Hours:
By appointment only

Unit 6/17 – 19 Foundry Road
Midland WA 6056

T: (08) 9422 0700

Maintenance / Repairs: 1300 895 205

 

Office Hours:
By appointment only

Sanori House, Suite 3, 126 Grand Boulevard
Joondalup WA 6027

T: (08) 9422 0700
Maintenance / Repairs: 1300 895 205

Office Hours:
10.00am to 2.00 pm weekdays (or by appointment)

34 Frederick Street
Broome WA 6725

General Enquiries: (08) 9422 0700
Maintenance / Repairs: 1300 895 205

Office Hours:
10.00am to 2.00 pm weekdays (or by appointment)

3A/3 Brand Street
South Hedland WA 6722

T: (08) 9172 9700
Maintenance / Repairs: 1300 895 205