SA’s first ever Human Settlements Revenue Fund

Today, the WC Standing Committee was briefed by the provincial Department of Human Settlements on the first ever Western Cape Asset Revenue Fund for South Africa. The Revenue Fund, is a tool by the provincial government which aims to support local municipalities in unlocking funding opportunities to accelerate the development of various human settlements projects across the province in non-metro areas.

For every rand spent by municipalities, the Revenue Fund will also allocate a rand – in essence this will double the funding of the municipalities for their projects and unlock housing opportunities for the most vulnerable in our communities.

MPP Matlhodi Maseko says: “To date five municipalities have applied to the Asset Revenue Fund for eight projects which stretch from the George CBD to Piketberg on the West Coast. These projects include the development of old age homes, social housing projects and Financed Linked Individual Subsidy (FLISP) units.

It remains the biggest financial cost of any housing project to install bulk infrastructure and by supporting our local municipalities, we can accelerate the development of housing opportunities. Thus, excess revenue generated by the provincial Department, for example through rental units, will be ringfenced and allocated to this fund exclusively for human settlements projects in the Western Cape.

The provincial Department also briefed the committee on its work to upskill and train youth and semi-skilled workers through housing developments. Nearly R4 million has been allocated to support an estimated 250 workers through a daily stipend while they are trained in bricklaying, painting, plastering and carpentry this year. These training initiatives empower our local communities and provides economic opportunities without compromising on the quality and the standard of housing opportunities.

We know that the demand for housing opportunities are simply growing and by unlocking financial support and empowering our residents, we can accelerate the delivery of safe and dignified housing opportunities for the people of the Western Cape.”

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