The National Housing Finance and Investment Corporation (NHFIC) has announced a new build-to-rent social, affordable, and key worker housing development in North Parramatta in Western Sydney.
The $32m project will be undertaken by the New South Wales Land and Housing Corporation and the community housing sector.
This is one of the first projects to be rolled out in the state after the federal government widened the National Housing Infrastructure Facility (NHIF) to include funding for the provision of new and social affordable housing.
The expansion of NHIF in November 2022 included $575m to invest in new social and affordable housing projects in addition to financing housing-enabling infrastructure.
Under the NHIF social and affordable housing finance facility, NHFIC will be able to provide concessional loans and grants to eligible proponents to support the provision of new social and affordable housing.
NHFIC CEO Nathan Del Bon said the expansion of the NHIF will help the group continue to partner with state and territories to build more social and affordable housing, enabling them to provide additional financial assistance that is critical to the delivery of more housing.
“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,” he said.
LAHC will invite Community Housing Providers (CHP) to participate in a procurement process, with NHFIC’s funding subject to a formal application for finance from the preferred CHP.
The successful CHP will be required to deliver 65 dwellings, comprising a minimum of 40% social, 40% affordable and 20% other diverse rental housing.
Social tenants will be drawn from the public housing waitlist, with a focus on accommodating women over 55 or those fleeing domestic and family violence. Affordable housing will be offered to key workers and students.
The construction of the project is expected to start later this year on two of the three North Parramatta sites, with the third to commence following development approval.
Minister for Housing Julie Collins said this is proof of Australia’s efforts to address the housing challenges and to ensure that more Australians have a safe and affordable place to call home.
“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,” she said.
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Photo by Rido on Canva.
