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The Queensland government has put a call out for “innovative and affordable” social housing proposals for its $2 billion Housing Investment Fund (HIF).
During the housing crisis summit hosted by the Palaszczuk government in October, the HIF received a boost of $1 billion, which effectively doubled the financing for the building of new dwellings in the state.
Created to be a sustainable source of funding to build additional housing stock in the state, the fund is expected to deliver annual returns of $130 million.
Now, Treasurer Cameron Dick is calling for more expressions of interest (EOI) for grants to build social or affordable homes from community housing providers, private sector developers, super funds and construction firms.
Social and affordable developments on privately owned sites could be eligible for millions of dollars in grants through the EOI process that will be open until 8 May.
“The market invitation released today expands eligibility to allow standalone affordable housing projects to be supported under the Housing Investment Fund,” he stated.
Mr Dick added that this will allow “a greater segment of the market to participate in bringing forward new housing and support the state’s commitments under the National Housing Accord”.
“This is an opportunity for quality, market-ready housing projects on privately owned sites to be supported by the HIF to deliver more affordable and social housing for Queenslanders, either through new construction or the repurposing of existing dwellings,” he stated.
Mr Dick highlighted that the call for new proposals comes as the Palaszczuk government’s plan to deliver more affordable housing continues to be rolled out.
A build-to-rent (BTR) pilot project for 470 homes in Brisbane has taken a step forward after investment manager Cedar Pacific was greenlit to deliver it.
Upon the completion of the project in 2027, up to 250 apartments will be available at a discounted rent subsidised by the state government.
“Build-to-rent projects are a great example of the type of developments the Housing Investment Fund’s new market invitation could support,” Mr Dick stated.
Cedar Pacific chief financial officer Mark de Medici said the public-private partnership model is one that they would like governments across Australia to widely adopt.
“[It] provides institutional investors an attractive investment opportunity in an emerging sector whilst delivering a social benefit to fulfil their (environmental, social and governance) objectives,” Mr de Medici said.
Currently, three developments are being supported by the state’s BTR Pilot Project in the Brisbane area, which will deliver more than 1,200 new dwellings, out of which up to 490 will be provided at a discounted rent.
Minister for Housing Leeanne Enoch said the BTR project is another testament to the Palaszczuk government “delivering innovative housing solutions” across Queensland.
“Our continued partnership with community housing providers and private industry is delivering even more social and affordable housing, ensuring Queenslanders have a roof over their heads.
“These 1,200 new Build-to-Rent dwellings are just some of the over 13,000 social and affordable homes the Palaszczuk Government will have commenced by 2027,” she stated.
