The Albanese Government's ambitious housing reform agenda will take another step forward next month with applications set to open for funding to support the delivery of thousands of new homes.
Draft funding documents relating to funding under the Housing Australia Future Fund (HAFF) and the National Housing Accord are being released this week for consultation, with Housing Australia expecting to launch the formal application process in mid-January for the first round of funding for projects under the $10 billion HAFF and the Accord.
The HAFF and the Accord are important parts of the Albanese Government's ambitious housing reform agenda. Together, they will fund 40,000 new rental homes.
The programs are being delivered through Housing Australia which already administers the Affordable Housing Bond Aggregator and National Housing Infrastructure Facility.
Following the commencement of the application process in mid-January, Housing Australia expects to select successful applicants and make offers of financial support in mid‑2024, with funding to be available from 2024‑25.
Draft standard funding documents are being released for consultation this week to make it easier to apply for funding for eligible applicants such as Community Housing Providers and organisations that provide housing for Aboriginal and Torres Strait Island organisations.
As part of the launch of the application process in mid-January, Housing Australia will also provide applicants with access to a standardised financial model to assist them in preparing their applications if they choose to use it.
Applications will be assessed independently by Housing Australia in accordance with its Investment Mandate which was updated this month.
The Investment Mandate sets out what type of organisations are eligible to apply for funding and the different types of finance available. These include long-term concessional loans and availability payments, and in some cases upfront capital grants.
The mandate will help ensure that no state or territory misses out on new rental homes supported by Housing Australia, and that regional, rural and remote Australia benefit from homes that are delivered.
Prospective applicants are encouraged to find more information about the legal document consultation process on Housing Australia's website.
In its first five years, the HAFF will also provide housing support to remote Indigenous communities, women and children leaving or experiencing domestic and family violence, and older women and veterans experiencing or at risk of homelessness.
The Albanese Government's broad housing agenda also includes:
- A new national target to build 1.2 million well located homes
- A $3 billion New Homes Bonus, and $500 million Housing Support Program
- A $2 billion Social Housing Accelerator to deliver around 4,000 new social homes across Australia
- An investment of an additional $1 billion in the National Housing Infrastructure Facility to support more homes
- Up to $575 million in funding already unlocked from the National Housing Infrastructure Facility, with homes under construction across the country
- Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years
- An additional $2 billion in financing for more social and affordable rental housing through Housing Australia
- New incentives to boost the supply of rental housing by changing arrangements for investments in Build‑to‑Rent accommodation
- A $1.7 billion one-year extension of the National Housing and Homelessness Agreement with states and territories, including a $67.5 million boost to homelessness funding over this year
- The development of a new National Housing and Homelessness Plan
- States and territories committing to A Better Deal for Renters
- An expanded Home Guarantee Scheme which has already helped 86,000 people across Australia into home ownership
- Help to Buy which will bring home ownership back into reach for 40,000 Australian households.
All of these significant initiatives will help provide a safe and affordable home for more Australians.
Quotes attributable to Minister for Housing, Julie Collins:
"The Albanese Government is committed to ensuring more Australians have a safe and affordable place to call home.
I'm pleased we will be taking another step forward to deliver on this commitment to make our first 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.
Our ambitious housing reform agenda is working across the board - more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night."
