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The National Housing Finance and Investment Corporation (NHFIC) has completed its funding deal with Victoria-based HousingFirst, allowing the latter to achieve its goals of constructing more affordable and social homes in the state.
Under the deal, HousingFirst will have access to $18m in loans and grants for infrastructure through NHFIC's National Housing Infrastructure Facility (NHIF). The funding will support more than 300 homes across four projects in Melbourne's Brighton and St Kilda areas.
The $1bn-worth NHIF targets eligible infrastructure projects, particularly involving affordable housing. It offers both concessional loans and grant funding for new housing, including roads, water, sewerage, and communications.
Janine Kirk, chairperson of HousingFirst, said the funding from NHFIC will help the group provide homes that have access to good neighbourhoods, utilities, transport, schools, and opportunities.
"NHFIC’s Infrastructure Facility model is a brilliant way for experienced, not-for-profit housing providers like us to access affordable finance and get on with the job of delivering homes for people in need.”
Nathan Dal Bon, CEO of NHFIC, said this first-of-its-kind deal with a Victorian community housing provider will be able to provide a solid foundation for the development of much-needed affordable and social housing across Melbourne.
Furthermore, the deal reflects NHFIC’s commitment to leverage the key opportunities that are emerging in Victoria.
"This agreement with HousingFirst is a prime example of the way federal, state and local governments can work with community housing providers to deliver critical affordable and social housing solutions and support further growth across the sector," he said.
