Housing Australia opens first funding round today to support delivery of 40,000 more social and affordable homes via the Federal Government’s Housing Australia Future Fund and National Housing Accord
From today, the Call for Applications is open for funding from the Federal Government’s Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) for eligible social and affordable housing projects.
Over a five-year period, the HAFFF is expected to support the delivery of 30,000 social and affordable homes and the NHAF is expected to support the delivery of 10,000 affordable homes around the nation, including in regional, rural and remote areas.
Housing Australia is administering the programs and has opened the first funding round today. The programs have been designed to encourage participation by eligible entities for diverse housing projects of all sizes and across all of Australia.
The HAFFF and NHAF programs provide a platform for institutional investment (including superannuation funds) into social and affordable housing at scale, that is expected to help accelerate the establishment of a viable asset class in Australia.
The programs also enable opportunities for developers and builders to work with the community housing sector, local, State and Territory governments, and eligible housing providers to deliver social, affordable and mixed housing projects around Australia. Over the five-year program horizon, developers can support a pipeline of projects to keep unlocking new housing supply.
The programs also provide the opportunity to further grow the capabilities and financial strength of the community housing sector, so that over time it can continue to grow and become self-sustaining in performing its vital function of helping more vulnerable Australians to access safe and secure housing.
Consistent with the Government’s objectives, target groups to be supported include Aboriginal and Torres Strait Islanders; women and children impacted by domestic and family violence; older women at risk of homelessness; current and former Australian Defence Force members; as well as frontline workers such as police, nurses and cleaners.
Funding is available to eligible entities including registered not-for-profit community housing providers (CHPs); local, State and Territory governments; and entities that provide housing for indigenous Australians and current and former members of the Australian Defence Force. Consortia (special purpose vehicles) that include one of these eligible entities partnering with private sector parties, can also apply. Housing Australia has sought to facilitate accessibility for a wide group of stakeholders by simplifying the application process to minimise time and cost.
The financing products available are Availability Payments (25-year Government-backed payments for making social and affordable housing available); Concessional Loans (term aligned with Availability Payments, zero interest loans for CHPs and housing providers); and capital grants (in limited circumstances). Applicants need to put forward eligible projects for funding. These can include the construction of new homes; purchase of newly-built homes; renovation of existing residential dwellings that were otherwise uninhabitable; or conversion of non-residential properties to residential dwellings.
Applications for the first funding round close at 2pm (AEDT) 22 March 2024.
A virtual Information Session for potential applicants will be held on Thursday, 18 January 2024 to provide background information about the programs, types of funding available, eligibility requirements, evaluation criteria and application process.
For further information about the programs and to register for the Information Session, visit Housing Australia Future Fund Facility and National Housing Accord Facility | Housing Australia.