Australian Community Housing Media Release
The Albanese Government’s third and largest Housing Australia Future Fund round will be life changing for tens of thousands of Australians by significantly boosting Australia’s social and affordable housing.
“Twenty-one thousand new social and affordable homes will transform lives and strengthen communities,” CEO of Australian Community Housing, the national peak body representing more than 100 Community Housing Providers (CHPs), Mark Degotardi said. “These homes will deliver security and stability for tens of thousands of Australians, providing a solid foundation for health, education and employment.”
Mr Degotardi said ensuring the program is delivered and led by CHPs – Australian non-profit housing providers that ensure public money invested through them is always reinvested back into the communities they help – means this and any future public investment will support ever-increasing benefits for the public, in perpetuity.
“Community housing models turn public investment into compounding social and economic impact. Every home we deliver supports a household today, and creates savings and benefits for governments and communities for decades to come.
“With CHPs leading delivery, Australians can be confident these homes will remain affordable, high-quality and community-focused.”
ACH members already own or manage more than $43 billion in assets, housing more than 200,000 people. He said the sector is ready and mobilised to deliver at scale, with providers around the country already delivering.
“Some community housing providers already have 3,000 homes in the pipeline for delivery over the next three years and enough land secured for another 2000-plus on top of that. Importantly, these projects are in high amenity zones meaning easy access to health care, transport, schools, and jobs.
“Our providers are ready to go in every state and territory. We look forward to seeing the details of the announcement in January, but we already know the scale of the funding can have a material and lasting positive impact on building the capabilities of the sector and building the homes we need, in the places we need.
“We bring the specialised combined experience, partnerships, and community connections to not just get homes built quickly, but to make sure they’re fit for purpose in supporting the people who access them.”
Mr Degotardi also welcomed the targeted components for regional and rural Australia, and the dedicated First Nations stream.
“Housing need exists in every part of the country. The regional and rural investment recognises that. And the $600 million First Nations stream is a crucial commitment – better housing outcomes for First Nations communities must be delivered by Aboriginal housing organisations.
Mr Degotardi said that the HAFF program was now delivering at scale under the leadership of the Federal Government and Housing Minister Clare O’Neil.
“Delivering 21,000 homes in this round – and 40,000 over the life of the program – is a serious national effort. It will take pressure off the private housing market, give more people a genuine chance of stability, and help rebuild Australia’s stock of social and affordable housing after decades of underinvestment.”
He said the investment will also help build the capacity of the community housing sector so it can continue to grow and support more Australians over time.
“This funding gives our sector the certainty we need to scale up, attract new investment and keep delivering for the long term. This means the benefits of this program will keep compounding for the good of all Australians.”
“The community housing sector is ready to get on with the job and turn these commitments into new homes as quickly as possible.”
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The coalition don’t like the Housing Australia Future Fund (HAFF) as they consider it to be a socialist trick. But to avoid any confusion, the scheme and its intent need to be understood.
The HAFF operates by investing $10 billion to generate long-term returns, which are then used to provide funding for social and affordable housing projects. It operates through an investment fund managed by the Future Fund Board, and aims at generating a minimum of 5% return per annum (Five hundred million dollars) each and every year. If in any given year the fund falls short of that objective, the government are required to top-up the fund to ensure a five percent return.
The Funds are disbursed through loans and grants, to increase the supply of affordable housing and address acute needs.
The Future Fund, a creation of the Howard government and initially funded from selling off Telstra – was that a socialist venture? – has generated over the past five years, an average return of 8.3% per annum (and a 9.1% annual return for the current financial year).Returns to the HAFF should be similar as the same investment criteria will apply.
Overall, in my view, a worthy scheme but whilst the coalition will talk a lot about housing and affordability, they will not mention this scheme other than to imply that it has socialist pretensions, but I don’t see them scrapping it.
“..Twenty-one thousand new social and affordable homes will transform lives and strengthen communities…”
Australia could solve all of its’ housing, health, education and public infrastructure problems in one stroke of the executive pen: cancel AUKUS and redirect the funds towards a series of productive nation building projects.
LOL written by someone not facing or experiencing homelessness. I hope the people in this situation are happy to live in tents, while meeting their ongoing job-seeking requirements etc. until 2029
Dr Bucknall had me thinking of Gaza.
They have the problem also, but not as severe as Australia (?).
Ok, there is a problem and a problem shoved further down th e list so long so the government can do neoliberalism and aukus.
I liked Dr Bucknall’s comment, btw.
The article simply highlights the recidivst attitudes of Government, period.