THE NHFIC has thrown its support behind the NSW Land and Housing Corporation (LAHC) and the community housing sector’s $32 million build-to-rent development in North Parramatta.
The project will comprise BTR, social, affordable and key worker housing and is one of the first to be announced in NSW after the federal government’s expansion of the National Housing Infrastructure Facility (NHIF), to include funding for new social and affordable housing.
In November 2022, the federal government announced the expansion of the NHIF, with up to $575 million now available to invest in new social and affordable housing projects.
“NHFIC will continue to partner with State and Territories to build more social and affordable housing, and with the Government’s widening of the NHIF, enables us to provide additional financial assistance, which is critical to the delivery of more housing,” said Nathan Dal Bon, CEO of the NHFIC.
“NHFIC’s financing will accelerate the delivery of housing where it is needed most and provide better housing outcomes for women at risk of domestic violence and key workers facing rental stress in Western Sydney.”
Pending the LAHC’s successful appointment of a Tier 1 Community Housing Provider (CHP) to the project, the NHFIC will provide $23 million in support of funding.
LAHC will invite CHPs to participate in a procurement process, with the successful CHP required to deliver 65 dwellings with a minimum of 40% social, 40% affordable and 20% other diverse rental housing.
“The housing crisis is real and growing, and it’s only through innovative partnerships like this one, which leverages the expertise of the community housing sector and vital Commonwealth funding, that we’ll deliver more social and affordable housing sooner,” said Rose Jackson, minister for housing and homelessness.
Tenants of the social housing component will be sourced from the public housing waitlist, with women over 55 and/or leaving domestic and family violence will be prioritised.
While the affordable housing will be offered to key workers and students.
The preferred CHP is expected to be announced in the first half of 2023, with construction on two of the three sires forecast to begin later in the year and the third to commence after development approval.
“We are not wasting a day when it comes to addressing Australia’s housing challenges and making sure more Australians have a safe and affordable place to call home,” said Julie Collins, minister for housing.
“We now have new projects underway across the country, and across New South Wales, thanks to our decision to unlock funding for more social and affordable rental housing.”