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1 Managing Transferred Assets & Planning to Meet Strategic Business Directions Managing Transferred Assets & Planning to Meet Strategic Business Directions Overview Housing Choices & Portfolio Summary Our approach to the Management of Assets Experience of Asset Transfer in Tasmania Integrating Strategic Business Directions into Asset Planning James Henry General Manager Property Development and Asset Management Why we exist Our Vision All people affordably housed in neighbourhoods that support life opportunities. Our Mission Our mission is to be a leading provider of affordable homes across Australia, working with partners to create resilient and inclusive neighbourhoods. We provide long-term solutions for people who: Are disadvantaged by housing markets Have a disability and/or mental health illness Are homeless or at risk of homelessness Are ageing and/or frail Housing Choices Portfolio Housing Choices has operations in Victoria and Tasmania and Board participation in Joint Venture in Northern Territory Announced merger with Common Ground in Australia (will add 200 properties to our portfolio) Housing Choices has 3,239 properties with 40% of properties owned Property assets of approximately $450 million Debt facilities in place of $50 million with NAB and Westpac 85 staff across six offices 86% resident satisfaction 60 Support Agencies partnerships Dedicate at least 25% of properties to people with disabilities Long term affordable (51%), supported housing (34%), shared disability housing (5%) and transitional housing (8%) Portfolio Profile housinginstitute.org 1

2 1. Approach to Asset Management Property Development and Asset Development Team - Providing strategic direction and a direct link between asset divestments (Disposals) and acquisitions (Development) including Asset Management Strategy Client Services (Tenancy and Property Maintenance) Ensuring our property officers work closely with the housing team to manage maintenance requests and retain a detailed knowledge of the housing stock. IT Platforms Property Condition Survey Software SPM Tenancy and Maintenance Software One Housing/TechOne Overarching software Qlickview to bring platforms together and assist in reporting Asset Management Strategy - Priorities Property Development and Asset Management Team Build and prepare a portfolio to suitably meet long term demand - Mapping and Demand Analysis - Asset churn to reduce liability and ensure appropriate, quality stock Grow Responsibly Implement systems to effectively and efficiently manage a growing national portfolio over the long term - Evidence and Measurability - Increase Planned Maintenance and decrease responsive Create focused program-specific strategies to affect the national strategy and standards - Understand specific issues, requirements, and hurdles - Bring all stock to national standards Property Condition Survey Property Development and Asset Management Team 3 year rolling survey of all owned properties Data at portfolio level, property level, and individual component level Details condition as well as provides forecasted expenditure Property Condition Survey Client Services Team Property Condition Surveys undertaken internally by property officers in order to understand issues in the portfolio. We have worked hard at ensuring consistency across our surveys. Portfolio Level Data Property Condition Surveys are almost complete on our Victorian Portfolio, Commencing Role out of Tasmanian Managed portfolio and South Australia Property Condition Victoria 1% Property Level Data 15% 7% 77% Very Good Good Moderate Poor Maintenance and Upgrades Client Services Team Maintenance and Upgrades Upgrade Budget Setting Workshops Contractor Panel - Strong panel of carefully selected contractors All responsive, cyclical and planned maintenance is managed via the OneHousing system The simple design of the procure to pay process ensures that Housing Choices is able to monitor the progress of individual responsive maintenance requests on a real-time basis and measure the outcome of actions against financial and time budgets Dedicated maintenance line allows tenants to call with requests during business hours. Property Co-ordinators act as the customer service contact After-hours maintenance - contractor outside of business hours for emergency requests housinginstitute.org 2

3 Standards, Guidelines and Existing Development Reviews Property Development and Asset Management Team Development - Drill Hall, Documents forming the Design Brief HCA Design Guidelines HCA Outline Specification High Density HCA Outline Specification Low Density HCA Outline Specification Accessible HCA Design Schedule Upgrade Guidelines Existing Development Reviews PROJECT DETAILS Client group: Tenants on fixed, low and moderate incomes Location: 2-32 Therry Street, Type: 1 and 2 bedroom apartments Cost: $24 million Completion date: November 2011 Award: Australasian Housing Institute Award for Leading Housing Solutions 2011 Development - Marshalltown Road, Marshall Redevelopment 182 Mason St Newport PROJECT DETAILS Client group: People with autism Location: Marshalltown Road, Marshall Type: 4 x 1 bedroom independent living units, 3 bedroom share house Cost: $2,069,060 Completion date: December 2013 PROJECT DETAILS Client group: Affordable Tenants Location: 182 Mason Street, Newport Type: 4 x 2 & 3 bedroom apartments Cost: $1.09m Completion date: August Experience of Asset Transfer in Tasmania In one of the largest stock transfers undertaken in our industry to date, we successfully took over the management of 1,175 public housing properties on behalf of the Tasmanian Government, under the Better Housing Futures initiative. Parameters of the stock transfer The Tasmanian Government transferred management of 4,000 properties to community housing providers (approximately a third of portfolio). Ownership of the asset remains with Housing Tasmania Housing Tasmania selected suburbs generally broad acre estates developed in the 1970/80 s. In the NW, Housing Choices manages six suburbs with public ownership densities of between 8%-45% Residents have the choice to keep their lease with Housing Tasmania or sign directly with Housing Choices. Management is for an initial 10-year period An active partnership exists with Government to achieve asset and community regeneration All rental income is quarantined to the programme maintenance, upgrades, developments, community development, reasonable administration costs Shared sales revenue on house sales surplus land made available at nil consideration. housinginstitute.org 3

4 Typical NW Tasmanian Housing Stock Typical NW Tasmanian Housing Stock Portfolio Comparison Property Type Portfolio Comparison Owned vs Managed Maintenance and Upgrades National Standards Incentives - Resident s Choice & Flexibility Housing Choices developed a Residents Choice Programme offering a four week free bond and choice of a $500 voucher and $1,500 of works or $2,000 of works within the first 12 months of lease transfer to HCT Approximately 80% of residents have signed over as of May 2015 Popular items for upgrade works include: new floor coverings security doors and window screens Painting, fencing and gates It feels a lot warmer in here already. We signed up with Housing Choices because they re really responsive and do the maintenance when it needs doing. CRA generated from direct leases allows for further investments in maintenance Devonport residents John and Tamara housinginstitute.org 4

5 SROI - Benchmarking Housing Choices Tasmania (HCT) undertook a forecast Social Return on Investment (SROI) study within the first year and will undertake an evaluative SROI after 2 years. The SROI measures the social, economic and environmental outcomes of the transfer based on stakeholder feedback. Positive feedback Improvement in maintenance organisation and response time Tenant involvement in decisions about home and neighbourhood Housing Officer availability and consideration Enthusiasm and attendance for organised events and activities Not so positive feedback Stress about perceived changes to living situation - Pre transfer the advice from Government was There will be no change however BHF reforms were change from a residents perspective (new housing officer, new organisation sending material, new organisation receiving rents etc) - There is no such thing as no change it just needs to be segmented from a resident s perspective The main take-away message is that residents have been positive towards Housing Choices for being responsive and following through with maintenance issues. Highlights to date Highlights Comments Lease Conversions to Housing Choices Year 1 Target 40% Actual (May 2015 ) 80.0% Stretch for FY 15 now 80% Positive feedback 76% satisfaction rating for residents (after 6 months) Local investment $500k in fitting out and opening two local offices Local staff employed 19 Managed locally in Tasmania Local trades panel 199 Contractors Value to date - $1.18m + incentive program Projected value FY 15 - $1.6 million + incentive program Social Return on Investment (SROI) SROI forecast completed with EY Reduction in Housing Tasmania property damages costs for $1.5 million reduction in damages to properties across BHF FY 15 (see the attached newspaper article) NW Tasmania - Asset Management Priorities Establishment of Contractor panel Data Validation Process To assess the quality of the existing Housing Tasmania Data so we can benchmark the position of the assets and budget accordingly Commence Modified Defects Property Condition Survey Using drawings of existing dwellings to determine standard responses to maintenance issues Meeting obligations of the Rental Management Agreement Other Considerations Initial maintenance liability underestimated - underlining the necessity for detailed asset data and upgrade guidelines Management Transfer versus a Title Transfer Ability to reconfigure portfolio more limited 3 - Integrating Strategic Business Directions The Strategic Priorities to come from our Business Plan included the following: A New National Corporate Model Victorian Housing Policy Growing Tasmanian Presence Working with NDIS/NDIA to create new housing solutions Addressing the needs of an ageing population Inclusive Neighbourhoods Growing Impact Asset Management Strategy is the other strategic priority. The AMS makes specific references to the Strategic Business Directions. A New National Corporate Model Intention to develop an approach, consistent standards and documents that are appropriate for a National Organisation Address National Registration Reporting requirements Sub-Strategies across different jurisdictions and individual parts of portfolios Replicable Strategies and solutions to be applied throughout the portfolio Ways of providing strategic asset management input to State offices Ageing Population and NDIS ARC Project with Monash School of Art, Design and Architecture(MADA) proposing strategies and design responses for Ageing Residents Research will inform our Upgrade Guidelines, developments and integration of housing into inclusive neighbourhoods Seeking Alternative models and opportunities to provide housing for ageing cohorts Implementing Pilot Projects to display innovation housinginstitute.org 5

6 Ageing Population and NDIS Ageing Population and NDIS Inclusive Neighbourhoods La Trobe Close Upgrades Maintenance Upgrade to demonstrate capacity on tenancy communications and place-making Social Return on Investment (SROI) across the life of this project - process to be integrated into all projects. This will allow us to better communicate impacts housing upgrades will have on health and tenant well-being It will also identify short comings in our project delivery methods Inclusive Neighbourhoods Tenant Choice and Consultation Portfolio Composition Strong commitment to avoid congregations of disadvantage in inclusive neighbourhoods Integrated, quality accommodation within accessible neighbourhoods. 25% disability / 75% variable incomes. Interspersed within buildings and developments In Summary Housing Choices is currently finalising the next phase of our Asset Management Strategy. We will seek to: Improve our systems and communications internally to better manage assets Integrate learnings from our Tasmanian Asset Transfer Experience Ensure the Strategy and related plans reflect the broader strategic priorities of the organisation housinginstitute.org 6