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After a protracted wait to hear what projects had been given the green light during the Housing Australia Future Fund’s first round of funding, Housing Australia has promised a faster process for second-round applications.
The news of an expedited assessment process comes as Housing Australia opens the second round of applications, with submissions accepted through 31 January 2025.
Established in November 2023, the Housing Australia Future Fund draws on the proceeds of a $10 billion fund leveraged on the stock market to develop social and affordable housing. State and territory governments can apply for funding for projects, with a strong preference given for those who collaborate on their applications with community housing providers.
The second round aims to fund projects that will enable the construction of at least 5,000 dwellings.
Given that the first round of funding opened in January 2024 and applicants were still waiting to hear if they had been successful in September, the announcement that the second round would be conducted on a tighter time frame came as welcome news to many in the property industry.
“The government’s decision to fast-track funding for 5,000 new social homes is another strong signal of the national priority to build more homes, more quickly,” said Matthew Kandelaars, executive for policy and advocacy at the Property Council of Australia.
Kandelaars said he is further encouraged by the news that the government will open a third round in early 2025, meaning that second-round applicants should hear feedback within the first part of the new year.
“Today’s announcement is another important milestone, but we must continue to build on this progress,” he said.
CEO of the Community Housing Industry Association (CHIA), Wendy Hayhurst, said the fast turnaround for the second set of funding demonstrated “the government's commitment to addressing the rental crisis”.
CHIA chair Chris Smith agreed, noting that rounds one and two are set to deliver nearly 19,000 social and affordable homes, which he believes represents “real momentum in addressing Australia’s housing shortfall”.
“The key now is to maintain and build upon this progress through sustained, coordinated action across all levels of government,” Smith added.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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