Housing Australia Future Fund (HAFF) and the National Housing Accord Facility: The opportunities for private developers
With the chronic shortage of affordable and social housing across the nation, the Australian Government is providing funding for private developers to build 40,000 new social and affordable homes over the next five years.
The Housing Australia Future Fund (HAFF) and the National Housing Accord Facility (NHAF) are designed to support eligible projects, with the first funding round closing on 22 March 2024.
Why apply for funding?
The launch of new funding frameworks presents the development industry with a very real opportunity to play a key role in addressing the growing housing availability and affordability crisis facing our country.
Traditionally, affordable and social housing hasn’t always been viable for private developers, with feasibilities failing largely due to rising land and development costs and lower returns.
Plenty of suitable locations to deliver community and social housing still exist across high growth/high accessibility areas in Australia. Funding through the HAFF and NHAF is designed to bring these sites online and meet critical need.
These incentives allow developers to balance the critical need to improve housing supply nationally via building their portfolio in this sector all while contributing sustainably to our industry and recognising a return on investment.
The Haff and NHAF funds may be the catalyst needed to revive older schemes and provide a new portfolio opportunity for developers who previously did not have a foothold in the affordable housing sector.
How to apply?
Development Directive’s team of industry experts have made it easy by summarising the key facts in a convenient user guide which covers the program, the selection criteria, what supporting information you will need and how to apply.
If you’re a developer keen to get into the community and social housing sector, then you will need to act quickly as first round funding closes on 22 March 2024. Successful applicants will be advised on the outcome of their application in Quarter 3, 2024. Visit the Housing Australia Portal to apply.
The user guide, which you can download below, is a snapshot of information about HAFF and NHAF for every business considering the eligibility of their developments for funding, particularly those seeking guidance about the programs, their selection criteria and the application process.
How Development Directive can help
Development Directive offers clients up to date industry expertise which delivers better outcomes in the built environment through integrated expertise in town planning, project management and construction.