Settlements on more than 100 properties in Canberra’s Denman Prospect have raised money to combat homelessness through national initiative Homes for Homes.

Homes for Homes, which aims to increase Australia’s supply of social and affordable housing, was developed by social enterprise The Big Issue.

The initiative has raised $140,000 in the ACT, including $116,000 through sales in new community Denman Prospect. Money raised will be invested back into the local community to increase the ACT’s supply of social and affordable housing.

Capital Estate Developments committed the suburb of Denman Prospect to the initiative last year. Capital Estate Managing Director Stephen Byron said he was excited it was the first entire suburb in Australia to commit to the initiative.

“Our commitment is that we will donate 0.1 per cent of the sale proceeds of all land we sell at Denman to Homes for Homes to be used for homeless projects in the ACT,” he said.

Properties sold in Denman Prospect will have a permissible caveat, meaning future sales will continue raising money for the initiative, unless it is removed.

The Big Issue Chief Executive Steven Persson said the entire Australian community needs to be part of the solution to the country’s critical lack of social and affordable housing.

“Homes for Homes is a sustainable, long-term solution that will benefit all Australians by giving future generations access to safe, secure and affordable accommodation,” he said.

Homes for Homes is based on a US model that has been tailored to the Australian market. Homeowners and organisations involved in property transactions are encouraged to donate 0.1 per cent of the sale price to the initiative.