Minister for Better Regulation Kevin Anderson confirmed that Project Remediate would provide interest-free, 10-year loans, to Owners Corporations to enable and fast-track the safe removal of high-risk cladding.
“Under the program design developed since the 2020-21 NSW Budget, I can confirm that by 2023 the Government expects to have helped safely remove high-risk combustible cladding on an estimated 225 buildings across the State,” Mr Anderson said.
“This is a significant, complex project. In order to make it as easy as possible for Owners Corporations to take advantage of this program and get this work started, we have invested up to $139 million to set up a project assurance service that will be coordinated through the Office of the NSW Building Commissioner.
“We will also help take pressure off Owners Corporations by appointing a managing contractor to oversee each individual project from design to final completion, to help get buildings remediated quickly and to the highest standards.”
Under the project details announced today, a financial partner will be engaged to facilitate the provision of interest-free loans to eligible Owners Corporations to fund remediation works.
Over the coming months information packs, guidance and training materials will be delivered to help Owners Corporations navigate Project Remediate. The Office of the NSW Building Commissioner is already consulting with the strata sector as part of this work.
Project Remediate will help drive the State’s economic recovery from COVID-19 by providing a pipeline of investment generating and supporting up to 3,500 jobs in the residential apartment construction sector.
Over the next few months the NSW Government will be tendering for the financial partners and a managing contractor for the program. Applications for Owners Corporations to take part in the project will open in March.
For more information please visit the Project Remediate page