The National Housing Finance and Investment Corporation (NHFIC) has backed a $70 million build-to-rent social and affordable housing project in Adelaide, following the federal government’s widening of the National Housing Infrastructure Facility (NHIF) to include funding the provision of new social and affordable housing.
The project, to be undertaken by the South Australian Housing Authority (SAHA) and the community housing sector, is anticipated to unlock the development of 130-plus residential dwellings on the site of a decommissioned social housing block in Park Court, Eastwood, Adelaide, including 30 to 50 social dwellings, targeted towards key workers and private build-to-rent dwellings.
NHFIC has provided in-principle support for around $50 million in funding subject to SAHA successfully attracting a tier-1 community housing provider (CHP) for the project. Select CHPs will be invited by SAHA to take part in a procurement process, with the successful CHP to be announced in the first half of 2023. SAHA is also subject to NHFIC receiving a formal application for finance from the successful CHP.
SAHA will provide the land to the CHP under a 99-year lease arrangement worth $9.5 million and will contribute up to $5.8 million in capital grants towards construction costs.
Demolition works are now ongoing with other site preparation works taking place early this year.
“Our quick action helped unlock up to $575 million and made it immediately available to invest in more social and affordable homes right across the country,” Minister for Housing Julie Collins said. “This is just one example of what we’re hoping to do through our ambitious housing agenda.”
“This collaboration to build the state’s first affordable build-to-rent development puts South Australia at the forefront of housing innovation in Australia at a time we all know so many people are struggling to find a place to call home,” said Nat Cook, South Australian minister for Human Services. “This project will cater to people with various housing needs, from people living with disability, to people who need social housing, including women leaving domestic violence situations, and people who need affordable rental properties.”
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