THE Queensland government is looking for innovative affordable and social housing proposals as part of its $2 billion Housing Investment Fund.
The new invitation for expressions of interest will see social and affordable housing developments on privately owned sites, receive financial backing through the fund.
“At last year’s Queensland Housing Summit, our Government committed to doubling the size of our signature Housing Investment Fund to $2 billion, which means annual funding of $130 million is now available,” said Cameron Dick, treasurer and minister for trade.
“This supports our increased target of 5,600 additional social and affordable home commencements across Queensland by 30 June 2027.”
The invitation has also expanded on eligibility conditions to now allow stand-alone affordable housing projects to be supported by the fund.
A change made to enable a broader segment of the market to participate and add new housing supply, while supporting Queensland’s commitment to the National Housing Accord.
“This is an opportunity for quality, market-ready housing projects on privately owned sites to be supported by the HIF to deliver more affordable and social housing for Queenslanders, either through new construction or the repurposing of existing dwellings,” added Dick.
The Housing Investment Fund is also addressing supply concerns through initiatives such as its Build-to-Rent Pilot Project.
So far, three developments are now supported by the Build-to-Rent Pilot Project, which will see will more than 1,200 new dwellings delivered in the Brisbane area, with up to 490 provided at discounted rent subsidised by the government.
“Build-to-Rent projects are a great example of the type of developments the Housing Investment Fund’s new market invitation could support,” said Dick.
This includes Cedar Pacific’s 470-home development at the former Children’s Court site at 50 Quay Street, with 250 of the apartments to be available at a discounted rent.
“Our partnership with private investment manager Cedar Pacific will transform the site into a new residential complex available only to renters, supporting around 200 local construction jobs,” said Dick.
“These affordable rental homes will enable more inner-city workers such as emergency services and hospitality staff to live closer to their jobs, meaning less time traveling and more time with their families.”
Works on Cedar Pacific’s BTR project are expected to begin by the end of the year, with completion scheduled for 2027.
“These 1,200 new Build-to-Rent dwellings are just some of the over 13,000 social and affordable homes the Palaszczuk Government will have commenced by 2027,” said Leeanne Enoch, housing minister.
“We know Queenslanders are doing it tough, which is why our comprehensive 10-year Housing Strategy includes programs like Build-to-Rent, to deliver more affordable housing options.”
