Land owners in targeted areas of Kraaifontein may now benefit from the newly established Development Charges Fund to develop small-scale rental in low income areas. <\/p>\n\n\n\n
In a bid to address the housing crisis in Cape Town, City council recently adopted the creation of this fund to support micro-developers to build affordable housing in lower income communities.<\/p>\n\n\n\n
Target areas identified in the greater Kraaifontein are Scottsdene, Wallacedene, Fisantekraal and Bloekombos. <\/p>\n\n\n\n
The fund will subsidise development charges for small-scale rental unit developments to stimulate the affordable housing market and drive development. In the city alone, almost 500 000 people are on the housing waiting list.<\/p>\n\n\n\n
This follows after a call in 2022 by the Development Action Group and other stakeholders on local government to help scale up the provision of affordable rental housing, saying incentives were needed to help the sector.<\/p>\n\n\n\n
A micro-developer is defined as a land owner in one of these identified areas with an erf big enough to build small-scale rental units on, providing it complies with building regulations, and is connected to the City\u2019s services infrastructure.<\/p>\n\n\n\n
Cape Town Mayor Geordin Hill-Lewis says the fund will unlock new investment for much more affordable housing development far faster than the government can build.<\/p>\n\n\n\n
\u201cThis is harnessing the power of private investment to achieve an important public outcome for more affordable accommodation,\u201d he says.<\/p>\n\n\n\n
The fund will be kick-started with an initial R20 million to subsidise qualifying micro-developers on a first-come-first-served basis.<\/p>\n\n\n\n
\u201cThe subsidy will make it much easier for micro-developers to invest in the small-scale rental unit market, enabling much more affordable accommodation across Cape Town. <\/p>\n\n\n\n
To further drive investment and upgrading of Cape Town\u2019s fastest growing and poorest areas, a full 75% of the City\u2019s record R12,1 billion infrastructure budget in 2024-\u201925 will directly benefit lower income communities and households, including better water and sanitation, roads, community facilities, and public transport infrastructure,\u201d says Hill-Lewis.<\/p>\n\n\n\n
The subsidy covers between 50% and 90% of development charges which the City generally uses to pay for bulk services to support new developments, such as roads, stormwater, water, sewerage, public transport and waste removal.<\/p>\n\n\n\n
\u201cUltimately, our goal is to create a wave of new housing, retail, and other developments that will bring jobs and skills development, amenities, and economic opportunities to residents. This investment is critical to uplift these communities and ensure their continued success,\u201d adds James Vos, Mayco member for economic growth in the City.<\/p>\n","protected":false},"excerpt":{"rendered":"
Land owners in targeted areas of Kraaifontein may now benefit from the newly established Development Charges Fund to develop small-scale rental in low income 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