Community & Business
14 July, 2024
Incentive policy paying off
AN initiative aimed at encouraging more housing to be built is starting to pay off, with nine developments getting up to $100,000 each in infrastructure charges waived over the past two years.
Tablelands Regional Council adopted the Investment Incentive Policy in June 2022 with a view to stimulating the construction industry and targeted at the delivery of housing and “strategically important industries” and “major catalytic projects” across the region.
To date, nine developments, with an estimated $38 million in associated construction costs, have been approved as eligible for around $600,000 in infrastructure charges to be waived.
“Of the nine projects, three have been completed and approximately $130,000 of associated infrastructure charges waived and approximately $7 million of associated construction costs realised,” a report to council states.
The developments completed have delivered new unit housing stock and strategically important industries, but the council wants to attract more construction activity, endorsing further changes to the Incentive Policy at its meeting last week.
The move has been triggered by the release of Queensland Government’s Homes for Queenslanders Plan which outlines an orchestrated approach to fast-track one million new homes by 2046, including 53,500 new social homes.
A $350 million Incentivising Infill Development Fund is a key initiative of the plan, aimed at supporting the delivery of new residential development that can increase housing density and diversity in well-located areas.
Council has now amended its policy to recognise the support provided under the fund and to require eligible residential development to have applied for assistance under that funding prior to lodging an application under council’s Policy.
