Keystart opens expressions of interest for Build to Rent Kickstart Fund
Keystart has today opened expressions of interest for the WA Government’s $75 million Build to Rent Kickstart Fund, to help attract more Build to Rent projects to WA.
The Fund is available for proponents of Build to Rent developments, providing concessional finance to get Build to Rent projects off the ground in WA.
Build to Rent projects are typically large-scale developments that provide secure, long-term rental housing options for tenants.
The Build to Rent Kickstart Fund will provide no-interest loans for 30 per cent of the construction cost of new Build to Rent developments, capped at $250,000 per dwelling, for up to three years.
Low-interest loans for up to 30 per cent of the asset value will then be available for a further seven years once the project is complete.
Projects must provide at least 40 new rental dwellings to be eligible, and rentals are required to be offered for at least 10 years, with a minimum lease period of three years.
Projects supported through the Fund are required to reserve 30 per cent of dwellings as affordable rental housing, with rents capped at 25 per cent of gross income, up to the Keystart income thresholds of $148,000 for singles and $218,000 for couples and families.
Keystart CEO Mark Tomasz said the Kickstart Fund would help to secure more private sector investment into Build to Rent projects in WA.
“By providing concessional finance, the Build to Rent Kickstart Fund will help more Build to rent projects get off the ground sooner.
“The Build to Rent Kickstart Fund can help to bring hundreds of new long-term rentals to market, making the dream of an affordable home a reality for more Western Australians.”
Expressions of interest close at 5pm on Monday, 8 December.
More information on Build to Rent Kickstart Fund can be found here.
