Housing Australia funding supports delivery of 1,084 new social and affordable homes in NSW, with Stage 1 welcoming tenants from this month
Tenants have started moving into 130 new affordable apartments in Sydney's Macquarie Park, thanks to funding from Housing Australia and the NSW Land and Housing Corporation (LAHC). The tenants include key workers employed at the nearby Macquarie University precinct.
Midtown MacPark is the first project to be delivered through a $250 million funding agreement between Housing Australia and LAHC to accelerate new social and affordable housing supply in NSW.
The redevelopment project is transforming an 8.2-hectare social housing estate into a vibrant integrated community with a mix of social, affordable and private homes. The project, part of the NSW Government's former Communities Plus program and being developed by Fraser Property Australia, will deliver 3,300 new homes over 10-12 years, including 954 new social and 130 affordable homes. The new precinct also includes a town plaza, shops, cafes and restaurants; 2.8-hectares of open space with green parks, a skate park and a playground; a primary school and childcare centres.
Housing Australia provided a $67.9 million Affordable Housing Bond Aggregator (AHBA) loan to community housing provider Mission Australia (MA) to purchsae a residential tower completed in Stage 1 of the redevelopment, with 130 1, 2 and 3-bedroom affordable homes. As part of the redevelopment, MA will also manage the 954 social housing dwellings in the new community on behalf of LAHC, and will deliver a range of support services and programs on-site including co-ordinating a social enterprise initiative.
In addition to the AHBA funding, Housing Australia also provided $42 million in loans and grants through the National Housing Infrastructure Facility (NHIF) for roads, service infrastructure and civil works. The infrastructure works include a bridge over Shrimpton's Creek to connect the new community to the Macquarie Business Park.
Housing Australia CEO Nathan Dal Bon said, "Midtown MacPark is a wonderful example of how partnerships between Federal and State governments, private developers and the community housing sector can deliver social and affordable housing for those who most need it.
"Housing Australia's funding through the NHIF has enabled critical infrastructure to be built so residents can live closer to employment and amenities."
Mission Australia CEO Sharon Callister said "For Mission Australia, our focus from day one has been on building a welcoming community where all Midtown residents can thrive. Together, we aren't just delivering new housing; we're creating a cohesive and inclusive community where everyone is welcome, feels connected and shares a sense of belonging."
Frasers Property Australia said, "We note the completion of Stage One, including the first market housing building, and celebrate the success of delivering the first mixed-tenure community under the NSW Government's former Communities Plus Program."
Notes to Editors:
Housing Australia has approved $140 million AHBA funding to MA to support their projects including $133 million in NSW.
Housing Australia provides low-cost finance to registered community housing providers (CHPs) for social and affordable housing projects via the AHBA. Housing Australia provides concessional loans and grants via the NHIF to help support critical housing enabling infrastructure; and via the NHIF SAH to directly support new social or affordable housing projects.
Over $2.1 billion in AHBA funding has been approved by the Housing Australia Board to support social and affordable housing projects in NSW, supporting over 4,800 social dwellings and 3,800 affordable dwellings. Over $280 million in NHIF loan and grant funding has been approved by the Housing Australia Board to support social and affordable housing projects in NSW, supporting over 870 social dwellings and 760 affordable dwellings.