Urban Development Institute of Australia (UDIA) welcomes the Federal Government’s announcement that the landmark Housing Australia Future Fund (HAFF) is set to be delivered following support from the Crossbench in the House of Representatives and the Senate, including the Greens.
“The HAFF is a transformative set of measures and once passed will secure a workable framework for delivery of affordable and social housing for the next 25 years. It is the critical trigger to unlock significant mixed tenure housing we need to reach the 1.2 million homes ambition,” said Max Shifman, UDIA National President.
While all the details of what will be passed are yet to be finalised, what has been announced is that the HAFF has been enhanced by an additional $1 billion invested in the National Housing Infrastructure Facility to support new homes. This is over and above the $2 billion social housing funding to states and territories and $3.5 billion in bonuses and funding for states and territories to work towards their housing target to achieve 1.2 billion housing target over in 5 years.
The agreement will also lock in a $500m floor in annual funding rather than a “ceiling”.
The 1.2 million homes target is a critical part of the entire housing initiative and relies on Governments across the nation being able to unlock a mix of at-market, affordable and social housing.
UDIA is already working with Governments cross the states to unlock housing for Australians through initiatives like floor space ratio bonuses announced by the NSW Premier. The HAFF will need to depend heavily on projects that provide a mix of housing to ensure we reach our targets and achieve a balance in our housing communities.
“There is plenty of work to be done, but with the HAFF legislation soon to be in place, we can all now get on with the job of finalising the HAFF investment mandate to drive delivery of affordable and social housing,” said Mr Shifman. “Given the stark reality of decades long declines in housing supply and chronic shortages of housing across the spectrum, the HAFF has come not a moment too soon.”
The HAFF and the Accord initiatives will need Government and CHPS to double their annual rate of affordable and social housing delivery if they are going to reach the housing targets on their own. Clearly, it will take the entire market working together to meet the challenge – Governments, CHPs and private housing providers all originating affordable and social housing.
UDIA National looks forward to working with all spheres of Government to finalise the HAFF, the investment framework and maximise the delivery capacity of CHP and private housing providers
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Media Enquiries:
Deanna Lane | National Media & Communications Manager | 0416 295 898 | media@udia.com.au