Social housing fund to benefit most vulnerable

Published 1st February, 2016 in Family & Community Services

Vulnerable families will benefit from the first phase of a new social housing fund through 3,000 more homes being available and reduced waiting lists.

New two story brick social housing buildings.
Social housing in Mount Warrigal, NSW.

The Social and Affordable Housing Fund (SAHF) will be set up with $1.1 billion in seed capital from the NSW Government.

The government is calling on non-government organisations, landholders and the private sector to tap into the SAHF to deliver more homes to NSW’s most vulnerable.

The government is also asking for proposals to benefit tenants by providing:

  • better employment and education prospects
  • stability and support to women and children who have experienced domestic violence
  • ongoing support for people with mental health support needs
  • improved connectivity with family, kinship and community.

Affordable housing that is secure and connected to transport, jobs, education and support services is crucial to helping reduce poverty and disadvantage.

How the fund works

Social housing developments face a funding gap between the rental stream they receive from tenants plus government subsidies, and the revenue required to sustain a commercially viable project.

The fund will provide a long-term revenue stream to plug this gap and encourage private and non-government organisations to team up to develop housing projects.

The government’s investment arm, TCorp, will invest the $1.1 billion and the returns will go towards social and affordable housing projects in the form of a stable 25-year income stream.

The fund complements the recently announced Future Directions for Social Housing in NSW strategy, and makes up one of the government’s state priorities of protecting the vulnerable.

Expression of interest registration closed on 15 March 2016.

More information about the Social and Affordable Housing Fund.

Published 1st February, 2016 in Family & Community Services