SOME $20 million will be invested into specialist disability accommodation (SDA) projects in Sydney and Newcastle in an agreement between the National Housing Finance and Investment Corporation (NHFIC), specialist community housing provider BlueCHP, and social impact fund manager For Purpose Investment Partners (FPIP).
The first stage of the project will comprise a minimum of 11 homes to accommodate 17 SDA-eligible residents across development sites in Boolaroo, Ryde, Rydalmere and Lane Cove.
BlueCHP will develop the homes and maintain the facilities on a long-term basis. It is seeking to provide 1,250 disability places over the next five to seven years.
The newly-announced homes qualify under the National Disability Insurance Scheme (NDIS) as specialist disability accommodation and will be built to specific SDA design categories. BlueCHP’s “Guide You Home” process works with families and carers to ensure the homes are designed and fitted out with features that will enable residents to live more independently and that will assist with the delivery of support for residents with extreme functional impairment or very high support needs. There will also be onsite overnight assistance for all residents.
The financing arrangement for the initial development costs involves FPIP funding the development, and NHFIC providing debt facilities post-completion as part of a broader $20 million facility, with the intention to scale this facility as opportunities arise. The post-completion funding from NHFIC enables FPIP to recycle a portion of its capital into additional BlueCHP homes.
“This is an important step in the provision of disability housing. SDA housing requires long-term investment partners, and we welcome the continued support of NHFIC,” BlueCHP CEO Charles Northcote said.
In September, property developer Third.i partnered with specialist disability accommodation provider iNSiTU Housing to deliver a further 10 purpose-built SDA apartments along the east coast. Since its inception in 2021, the partnership has delivered more than 150 accessible properties.
That came as Baptcare sold a 48-room former aged care home for $5.5 million to a private investor in Melbourne’s Preston and who will convert the property into specialist disability accommodation.
A report in November last year showed demand for NDIS services will more than triple by 2023, and the current supply of SDA cannot meet the projected future needs, but analysis
According to Health Care Providers Association, although the $22 billion SDA sector is rapidly growing, billions of dollars in available government funding remains untouched and the majority of suitable investors remain unaware that such funding exists.
