With two new social housing projects in the pipeline for the Peninsula, Pacific Link Housing (PLH) has announced a $1.4M surplus for the last financial year.
The company’s annual report says its net assets have grown from $19.9M to $21.3M, representing the continuing growth of its financial position.
Pacific Link already has one 31-apartment residential building in Chambers Pl, Woy Woy, which was completed in 2017, and began construction on November 16 of a new development at Woy Woy.
This project will provide nine one-bedroom and three two-bedroom units and is targeted towards older single women and families escaping domestic violence.
Completion is expected by December 2021, with PLH also looking into a third site on the Peninsula.
PLH Chairman, Wal Edgell, reported PLH would continue to progress its mission to deliver sustainable, safe and affordable housing for the Central Coast, Lake Macquarie and Hunter communities.
He said this would be achieved through strategies of investing financial surpluses generated from core operations into the development and construction of new affordable housing supply and in the development and implementation of capacity building programs for residents.
He said completion of a 21-unit development project at Glendale, Lake Macquarie in January and a 30-unit project at Canton Beach in August, brought to 119 the number of new housing units developed over the past five years, valued at $19.7M as at June 30, 2020.
“A further key initiative for the PLH Board has been the focus on, and continuing evolution of our Client Outcomes and Community Engagement Strategy,” he said.
“As a measure of our commitment to this strategy, the Board this year approved a significantly increased budget allocation towards continuing funding of Pacific Link’s suite of programs offering education, opportunity and employment.”
While COVID-19 had interrupted the plans for some events and education courses, it was hoped activities would be recommenced as soon as circumstances allow, he said.
Edgell praised the NSW Government for the new Together Home program, which will result in more than $36M being directed to assist identified rough sleepers’ transition into sustainable housing. Edgell said Pacific Link was pleased to be selected to play its part in delivery of the program for the Central Coast.
He said PLH’s Key2 Realty had seen remarkable growth in its first year, now having more than 160 properties under management.
The company had participated in providing comprehensive assistance and information into the development of Affordable Housing strategies and policies for Central Coast Council, he said.
PLH offices have also been relocated to new, more accessible premises in Mann Street, Gosford.
CEO Ian Lynch said PLH’s annual tenant survey had again been an opportunity to understand residents’ needs and gather information on their circumstances.
“Responses from these surveys inform new ideas for our self-funded tenant support programs, which provide opportunities for tenants to improve their situation and, where possible, transition to mainstream housing,” he said.
“More than 1,100 residents have been assisted with these capacity building programs that offer scholarships, access to education, financial support for children to access sporting activities, learner driver lessons and interest-free loans to purchase laptops.”
Pacific Link Annual Report, 2020