NSW Treasury and Family and Community Services (FACS) have awarded five new contracts set to deliver more than 2000 affordable, new homes.
The contracts mark the first phase of the Social and Affordable Housing Fund. The SAHF initiative will set up a fund dedicated to creating housing for low-income earners, the SAHF Special Deposit Account, with up to $1 billion.
The 25-year committed funding to the sector will deliver 2,200 new homes at affordable prices. The program is an innovative approach to community services, combining public and private-sector ideas and experience.
“We’ve put our heads together with new partners to tap new sources of funding and land suitable for development,” said Lani Frew, SAHF project director at NSW Treasury.
“Through this high degree of collaboration, we’ve been able to apply private-sector expertise to a social problem that is usually left to public funding,” Lani said
“I think we can truly say we have moved the market and any future phase of the SAHF will be kicking off from a very different starting point,” she said.
The first phase of SAHF unlocks access to land held by churches, mission-based organisations and councils seeking a social return.
In addition to housing, tenants will have access to support services to assist with better outcomes for their families and communities.
“Treasury's involvement in the project has been critical to ensuring the SAHF is in the best possible position to deliver a return on investment and viable outcomes. As a team, we have a lot to be proud of,” Lani said.