Funding for affordable housing gets tick of approval

FEDERAL Government funding targeted at low density housing has been applauded as a step in the right dirtection.

Tom Forrest, chief executive of Urban Taskforce Australia, welcomed the latest social and affordable housing funding provided through the Housing Australia Future Fund.

“Housing Australia is now designing its funding programs to support the development of privately delivered housing supply,” Forrest said.

“Federal housing minister Clare O’Neil and Housing Australia have shifted the focus of funding to ensure that HA supports market supply in conjunction with social and affordable housing.

“This is a good shift and one that now appears to be embedded in the operation of Housing Australia.

“That funding for much needed social and affordable housing effectively under-writes the viability of projects and, in so doing, stimulates market housing supply as well.”

Forrest said the the new stream of funding will be subject to a call for submissions from Community Housing Providers along with the States and Territories, local government and housing enablers.

“This funding will support up to 1000 new social and affordable homes that are already close or at a shovel-ready state,” he said.

“Housing Australia has advised that these projects will be fixed packages of exactly 200 dwellings, comprising 100 social homes and 100 affordable homes.

“At a time where sales are softening, this is an important boost to the housing sector which also delivers on the Commonwealth’s Housing Accord commitments.”

Forrest said the timeline for completion is deliberately tight with the target of this funding being “shovel-ready projects” which will be completed by December 31 2027.