Spotlight on: Building Communities (Vic) Limited (BCVL) GLM1
Tenants are progressively moving into 1,084 newly-built homes across three sites in metropolitan Melbourne through a partnership between Housing Australia, Homes Victoria and the Building Communities consortium.
The construction of these homes was supported by Housing Australia funding for Homes Victoria's Ground Lease Model 1 (GLM1) project.
Through GLM1, Homes Victoria leased Crown land to the Building Communities consortium, under an availability model to design, build, finance, manage and maintain the housing for 40 years.
Housing Australia provided $394.1 million in funding to support GLM1, comprising a $344.3 million AHBA loan and $49.8 million via the NHIF.
Housing Australia separately agreed to provide a further loan of $40.7 million to the consortium. This comprised a $23.55 million AHBA loan, $13.7 million NHIF loan and $3.4 million NHIF grant to support GLM1 Part 2. The additional funding will support the delivery of 285 homes, due for completion in late-2026.
Danny Dracic, Director, Building Communities (Vic) Limited and CEO, Community Housing Ltd said, 'Affordable and flexible long-term funding options provided by Housing Australia have been essential in building sustainable affordable housing projects. Housing Australia's ongoing commitment to funding new social and affordable housing is commendable, as it enables community housing providers such as CHL, to provide much needed homes and community services for hundreds of Victorians at an accelerated rate.'
'Moving back home felt better than ever'
Anna* and her family were among the first returning tenants in one of the newly built homes delivered under Homes Victoria's Ground Lease Model 1 (GLM1) project.
These homes have been delivered by the not-for-profit housing consortium Building Communities, including Community Housing Limited (CHL), Tetris Capital and ICON.
Having lived in the area for the past nine years, Anna* said moving back home felt better than ever.
'It's truly amazing - everything is brand new, and I love it. Everything is so close - from shopping to transport. There are beautiful views everywhere I look,' said Anna.
Anna was one of several tenants who moved out to allow for the construction of new social and affordable rental homes by Building Communities and Homes Victoria.
Upon seeing the redevelopment, Anna was more than impressed and spoke about the strong sense of community.
'Here, we all live like a family. We don't see the differences. I am happy to be back. This is my home; there is nothing like it,' she said.
Anna contributes to the community by working with Community Housing Limited's (CHL) community development team. She will be running a jewellery-making program for children onsite, fostering creativity and engagement among the youth.
Additionally, Anna has secured a job as a caregiver, a role that perfectly suits her nurturing personality.
'Being able to give back and support my community is incredibly fulfilling, I love working with the kids and seeing their faces light up with excitement. As a caregiver, I get to make a difference in people's lives every day. It's a wonderful feeling,' said Anna.
Anna's return is more than just a homecoming, she's passionate about building a vibrant, inclusive community.
*Names withheld to protect privacy of tenant.