THE National Housing Finance and Investment Corporation (NHFIC) will support the South Australian Housing Authority (SAHA) and the community housing sector’s first $70 million Build-to-Rent social and affordable housing project in Adelaide.
The project is anticipated to unlock the development of 130-plus residential dwellings in Park Court, Eastwood, the site of a decommissioned social housing block.
The new homes are set to include 30 to 50 social dwellings, with the remaining to comprise affordable dwellings, targeted towards key workers and private Build-to-Rent residences.
“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.”
NHFIC is providing in-principle support for around $50 million in funding for the project, subject to SAHA attracting a Tier 1 Community Housing Provider (CHP), with the successful CHP to be announced in the first half of 2023.
SAHA will lease the land to the CHP under a 99-year term valued at $9.5 million and will contribute up to $5.8 million of capital grants towards construction costs.
“The Government’s changes to the NHIF has supported the viability of this project first proposed in 2020. NHFIC is proud to work collaboratively with the South Australian Housing Authority to deliver a mixed tenure project generating an integrated development with positive outcomes for the community,” said Nathan Dal Bon, CEO at NHFIC.
This is the first project announced following the federal government’s widening of the National Housing Infrastructure Facility (NHIF), which includes a funding provision for new social and affordable housing.
“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. This is just one example of what we’re hoping to do through our ambitious housing agenda,” said Julie Collins, housing minister.
Demolition works are currently underway at the Eastwood site, with other site preparation works set to occur in early-2023.
