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Preliminary funding documents for the Housing Australia Future Fund (HAFF) and the National Housing Accord have been released for public consultation.
This consultation period spans from 19 December 2023 to 22 January 2024.
Housing Australia anticipates initiating the official application process in mid-January, marking the commencement of the first round of funding for projects falling under the $10 billion HAFF and the Accord.
The HAFF’s generated revenue is earmarked to facilitate the construction of 20,000 new social homes and 10,000 affordable residences over the course of five years, addressing critical housing needs.
After Parliament’s deadlock on the bill, the government boosted funds for social and affordable housing to $3 billion, securing support from the Greens and crossbenchers, breaking the Senate stand-off.
Housing Australia (formally the National Housing Finance and Investment Corporation [NHFIC]) will predominantly oversee disbursements from the HAFF, channelling these through the Housing Australia Future Fund Facility (HAFFF).
The projected launch date for the initial funding round targeting eligible projects is 15 January 2024.
Upon the commencement of the application process in mid-January, Housing Australia foresees selecting successful applicants and extending financial support offers by mid-2024, with funding becoming available from 2024–25.
Housing Australia will also furnish applicants with access to a standardised financial model to aid in application preparation, should they opt to use it.
Minister for Housing Julie Collins expressed her satisfaction in advancing towards fulfilling the commitment to channel investments through the HAFF and the Accord.
“The Government is looking forward to working with project partners across the country to help build thousands of new homes,” Ms Collins said.
Applications will undergo independent evaluation by Housing Australia in compliance with its recently updated Investment Mandate.
This Investment Mandate outlines eligible applicant criteria and the spectrum of available finances, encompassing long-term concessional loans, availability payments, and, in certain cases, upfront capital grants.
The mandate aims to ensure that no state or territory misses out on the creation of new rental properties supported by Housing Australia and that regional, rural, and remote Australia benefit from the ensuing housing provisions.
Both the HAFF and the Accord form part of the Albanese government’s housing reform agenda, aimed at financing the creation of 40,000 new rental homes.
These programs are being facilitated through Housing Australia, an entity already overseeing the Affordable Housing Bond Aggregator and the National Housing Infrastructure Facility.
[Related: New era under housing Australia commences: Julie Collins]
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