GRIFFITH CITY COUNCIL RECEIVES LOW COST LOANS INITIATIVE HELP TO BOOST HOUSING SUPPLY
Griffith City Council has been given a financial boost to help in facilitating an increase in housing in the city.
The NSW Government’s Low Cost Loans Initiative will refund 50 per cent of Council’s interest payments on a loan obtained for the further development of the Collina precinct which will create 280 new homes.
As a result of this initiative Griffith will receive close to $200,000 off the interest costs on the loan.
This will allow Council the scope and flexibility to forward fund the provision of essential services such as storm water drainage, detention basin works, sewer pumping station and rising main along with road construction works to support the ongoing development of the Collina Precinct in benefit of the Griffith community.
Griffith City Council General Manager Brett Stonestreet welcomed the initiative.
“This is a great outcome for Griffith, as Council can now look to deliver some of the planned infrastructure in this area,” Mr Stonestreet said.
“Provision of additional housing availability is a priority for Griffith City Council”.
“The Low Cost Loans Initiative is a real benefit to Council as it allows us to deliver key infrastructure on behalf of our growing community.”
Department of Planning and Environment’s Acting Deputy Secretary, Brett Whitworth and Office of Local Government’s Chief Executive, Tim Hurst announced the successful councils who will receive funding through the Initiative earlier this week.
“This funding will enable the delivery of more than 15,000 new homes across regional NSW and just over 10,000 new homes in Western Sydney,” Mr Whitworth said.
More than $4 million of this funding will be invested in nine local projects across regional NSW.
“Regional NSW is the largest, most diverse regional economy in Australia. It contributes around $138 billion to the NSW economy and is home to around 40 per cent of our state’s population, Mr Whitworth said.
“Regional NSW is full of vibrant and diverse cities, towns and villages next to sandy beaches, rolling tablelands, alpine snow fields and the vast outback and it’s important we ensure we support the local councils to help their regions,” he said.
The Low Cost Loans Initiative is a joint initiative of the Department of Planning and Environment, the Office of Local Government and NSW Treasury Corporation.