NEWS
AURECON
Aurecon recently set out to look at ways that they can help its staff enter the housing market.
People-centred housing strategy to address‘ missing middle’
Aurecon recently set out to look at ways that it can help its staff to enter the housing market sooner and without restrictive affordability barriers.
Property is a door to wealth creation. With property, you can secure your future and leave a legacy. How many people want to be homeowners, but don’ t have the means to get into the property market? Are there people who qualify for certain subsidies but simply don’ t realise it?
These were the questions posed to young professionals at global engineering and infrastructure advisory company Aurecon, that set out to look at ways they can help Aurecon staff enter the housing market sooner and without the restriction of affordability barriers.
The strategy that Aurecon came up with, which they call‘ The Great Commission’, leverages existing financing options in South Africa to help employees classified as the‘ missingmiddle’ enter the housing market, as well as assist young people with early access into the housing market. The‘ missing-middle’ are those people who don’ t qualify for subsidised housing, but also do not earn enough to qualify for a home loan.
Aurecon employees have been instrumental in designing and bringing client’ s building dreams to life, and through the Great Commission initiative those same employees will have the opportunity to make their own building dreams a reality by owning their very first house.
“ We realise that housing is a big challenge across a number of demographics in South Africa, and The Great Commission’ s goal is to bring information to those that need it most and continue working to establishing additional benefits,” says Nothando Khumalo, Aurecon junior engineer.
“ Millions of South Africans live in shacks and while government has implemented the RDP, this subsidy targets households earning less than R3 500. The qualifying criterion leaves a massive gap of individuals – the‘ missing middle’ – who are‘ too well-off’ to qualify for RDP housing but’ not so well-off’ to qualify for a home loan,” says Khumalo.
Many low-to middle-class people in South Africa are stuck between a rock and hard place when they realise that not only do
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SEPTEMBER- OCTOBER 2018