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Affordable housing development launched in Rugby

The City of Cape Town has officially launched a new affordable housing development in Rugby, Brooklyn, as part of its efforts to deliver integrated housing opportunities for its residents.

The medium-density gap housing development known as Silver Meadowswill consist of 115 units made up of 16 one-bedroom apartments, 76 two-bedroom units, and 23 three-bedroom, semi-detached homes.

Each unit will be spaced out and will have an allocated parking bay. The development will feature landscaped green areas and a play park for children, as well as a secure perimeter fence, electronically controlled gates and a guardhouse. There will also be energy-saving green elements such as heat pumps and energy efficient lighting.

The development is one block from the MyCiTi bus route to Otto du Plessis Drive. It is 8km from Century City and a roughly 10-minute drive from the CBD.

It will target those who earn from R13 000 upwards per month. Gap housing caters for those residents who earn too much to qualify for social housing, but don’t earn enough to afford a fully-priced home and bond. The prices of the units range between R425 000 and R708 000.
The City went into partnership with Nedbank Corporate Property Finance and Inframax to launch the development. Nedbank will grant 100% bonds to qualifying applicants.

“This initiative forms part of the City’s commitment to building communities, not just houses. We know that in the right environment, with the right opportunities, our residents can thrive,” says Mayoral Committee Member for Human Settlements Councillor Tandeka Gqada, who attended the ceremony on Wednesday 22 May 2013 where the first sods were turned.

“Silver Meadows is well suited to young families and new couples as it is right next to a well-kept park. This is the kind of space in which our children deserve to be growing up – safe, green, and with the necessary amenities close by,” says Gqada.

The City has also signed a Memorandum of Understanding with Nedbank to provide quality green spaces for recreation and aesthetic value in this project and other future gap housing projects.

For more information on the development, visit the website, or the City’s Human Settlements directorate website.

 

Source: http://www.capetown.gov.za/en/Pages/CitylaunchesnewaffordablehousingdevRugby.aspx

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