Monumental Boost to Social and Affordable Housing Passes Parliament

Australia’s stock of social and affordable housing is poised to rise significantly following the passage through parliament overnight with bipartisan support of the final piece of legislation to establish the National Housing Finance and Investment Corporation (NHFIC).

Delivering on a commitment in last year’s Federal Budget, the NHFIC will be established from next week to administer Australia’s first national Affordable Housing Bond Aggregator, designed to encourage greater private and institutional investment in affordable housing by providing cheaper and longer-term finance to registered Community Housing Providers (CHPs).

It will also administer the five-year, $1 billion National Housing Infrastructure Facility to provide CHPs and other eligible applicants with concessional loans, grants and equity to finance critical infrastructure required to deliver more housing supply sooner.

NHFIC would be a game changer for the sector and the community, particularly key workers and those on lower incomes, and that members were ready to bring forward projects to make more affordable housing a reality for more Australians as soon as possible.

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Source: LinkedIn