The Albanese Government will unlock up to $575 million to deliver social and affordable housing following the Jobs and Skills Summit.
The Government understands the keys to a home can be the key to getting a job, which is why we are taking action.
The Albanese Government will widen the remit of the National Housing Infrastructure Facility, making up to $575 million available to invest in social and affordable housing.
This will support the Albanese Government’s commitment to build 30,000 new social and affordable housing properties.
The funding will be able to be used to partner with other tiers of government and social housing providers, and to attract private capital such as superannuation funds.
This will support the Albanese Government’s ambitious housing reform agenda, which will encourage labour market participation and improve productivity.
The agenda includes:
- The $10 billion Housing Australia Future Fund, that will build 30,000 social and affordable housing properties in its first five years;
- Help to Buy, a new program to make it cheaper and easier for Australians to own their own home;
- The Regional First Home Buyer Support Scheme;
- Establishing a National Housing Supply and Affordability Council; and
- Developing a new National Housing and Homelessness Plan.
Minister for Housing and Minister for Homelessness, Julie Collins, said the Government was acting on the consensus of attendees at the Jobs and Skills Summit.
“Across both days of the Summit, attendees have identified access to secure and affordable housing as a key driver for Australians to participate in the labour market,” she said.
“That’s why the Albanese Government is acting to help get more homes on the ground and help more Australians into work.”
The National Housing Infrastructure Facility (NHIF) is an existing $1 billion facility administered by the National Housing Finance and Investment Corporation that provides concessional loans, grants and equity finance for housing-enabling infrastructure such as electricity, gas, water, sewerage, stormwater, telecommunications and roads infrastructure.
Since being established in 2018, the NHIF has been underutilised. With current commitments, it is anticipated there will be up to $575 million of uncommitted funding in the NHIF for its widened remit to invest in social and affordable housing and continue to invest in housing-enabling infrastructure.