$400 million in funding to support over 1,100 social and affordable homes in Melbourne

Australian Treasury

The National Housing Finance and Investment Corporation (NHFIC) has provided funding of around $400 million in loans and grants to deliver more social and affordable housing across Melbourne. This is part of a Community Housing Limited (CHL) led consortium that has been announced as the preferred bidder for three metropolitan Melbourne housing projects to be delivered on vacant Homes Victoria land in Brighton, Flemington and Prahran.

With NHFIC’s support, the estimated $500 million project will deliver, operate, and maintain at least 1,100 new homes including social, affordable, specialist disability accommodation and private rental dwellings.

Assistant Treasurer, Minister for Housing, Minister for Homelessness, Social and Community Housing Michael Sukkar said that this deal will be the National Housing Finance and Investment Corporation’s largest to date and it has played a crucial role in supporting the supply of new homes in Victoria.

“The $400 million of new financing is a significant commitment to support the delivery of more social and affordable housing in Victoria, bringing our total Victorian commitment to $720 million through the Affordable Housing Bond Aggregator (AHBA) and over $90 million through the National Housing Infrastructure Facility.”

“This is a complex project and the expertise of the NHFIC team from the start was key to accelerating the delivery of at least 1,100 new homes, while ensuring that the deal delivered more than $50m in savings over the life of the project to CHL.”

The Morrison Government continues to make significant, ongoing investments into housing and homelessness with more than $9 billion committed in the upcoming financial year, up on last year.

This includes $1.6 billion paid to the states and territories under National Housing and Homelessness Agreement (of which Victoria will receive approximately $400 million in funding) and an additional $124.7 million in funding which will allow the states and territories to bolster public housing stocks and meet their social and community housing responsibilities.

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