Hall & Wilcox advises HOPE Housing on an innovative shared equity fund that will help essential workers buy homes close to their work

 

Media Release | 6 July 2022

Hall & Wilcox has advised Home Owners Partnering Equity (HOPE), a not-for-profit group, on an innovative shared equity housing arrangement that aims to help essential workers own a home closer to work.

The HOPE Housing Investment Trust co-invests with essential workers on a silent partner basis to help essential workers buy a home. Under the arrangements, essential workers decide where to buy and when to sell their home. When the home is sold, the HOPE fund receives a proportional share of the sale proceeds.

Hall & Wilcox is a supporting sponsor of the project, which has launched with an initial $30 million. In this role, we have provided extensive advice and prepared a suite of documentation to help bring the project to fruition, including in relation to structuring the arrangement in a manner that meets complex regulatory requirements and the commercial requirements of both investors and ADI lending partners, all in a manner which can be explained to and understood by potential homeowners.

The Hall & Wilcox team provided extensive property, financial services, banking, and investment management assistance, and were engaged in certain operational and governance matters relevant to the project.

Partner Anne MacNamara led the team, which comprised Partner Vince Battaglia, Senior Consultant Peter Jones and Lawyers David Pham and Charlie Renney.

Anne MacNamara said, ‘This project has been complex and challenging to execute. The HOPE fund is a strategically important project, founded on the premise of helping essential workers, including nurses, teachers, police officers, transport workers, firefighters and paramedics, who may otherwise be priced out of property ownership in Australian metropolitan areas.’

HOPE Housing CEO Tim Buskens said, 'We have an excellent working relationship with Hall & Wilcox. The assistance, responsiveness, advice and support from the team has helped to bring life to this important project.'

Hall & Wilcox is a leading independent law firm of more than 950 people, including over 110 partners. We service corporate, public sector and private clients, both Australian-based and those offshore doing business in Australia.

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