The aforementioned specialised Low-Cost Residential Housing Funds have the following significant socio-economic impact/benefits for the surrounding lower LSM communities:
Both the existing Housing Portfolio Funds (RF1 & RF2) are exclusively aimed at the affordable housing market i.e. commonly referred to as “FSC” units, being rental housing stock aimed at lower LSM households, earning less than R220 000 pa. Besides this current Affordable Residential Fund Model assisting in alleviating the massive shortage of affordable rental accommodation in this market segment, the rental fund model also creates various positive socio-economic opportunities.
In delivering large-scale residential developments, Uvest has an established track record of implementing successful and sustainable Skills Development Programmes. Hereby, Uvest involves local Construction Industry SETAs in providing training to workers of various skills levels, on site. In this regard, Uvest normally employs a system of Community Liaison Officers (“CLOs”), where the CLOs are primarily tasked with sourcing local labour during the construction phases. Said local workers are then assessed by the CLOs and grouped into skilled/semi-skilled and unskilled categories whereafter they are accommodated in local SETA training sessions and ultimately referred for employment on site.
This recipe of mobilisation of local labour, with associated direct skills transfer and subsequent deployment to site has been used to great success on other of Uvest’s large development projects. This type of social co-operation results in a positive stimulus for the local economy, as well as the general upliftment of local communities within the catchment areas adjoining Uvest’s residential developments.
To place the above mentioned job creation potential in due context, the following statistics may be considered: according to the most recent available employment census information, an estimate of 14 jobs/ R1 mil construction spend (during civil construction phase) is generated; and on average 16 jobs/ R1 mil construction spend (during the top-structure construction phase) can be generated.