Submission to Review into Operation of NHFIC Act
UDIA National has prepared a submission to the Review of the National Housing Finance and Investment Corporation Act 2018.
UDIA’s key recommendations for the independent review include:
- An allocation of $1 billion be made under NHFIC’s investment mandate – to be matched by each state and territory – to unlock regional-scale enabling infrastructure matched to specific new housing supply targets set at the outset.
- Establishing a dedicated process be established to allow project proponents to make a direct, merits-based application for support under the Fund to unlock new housing.
- NHFIC make 10,000 places available on an annual basis under the First Home Loan Deposit scheme exclusively for the purchase of new homes or newly constructed homes.
- Commencing a robust research agenda to improve the quality of data on housing market dynamics, develop and set binding housing quotes, produce ‘league tables’ on the performance of states in achieving targets, achieve planning reform via incentives, reduce red and green tape, transform and reduce the tax burden on housing and improving housing diversity.
- Deploy NHFIC’s investment mandate to fund the delivery of 20,000 social and affordable homes over the next three years.
- Identify surplus government-owned land for social and affordable housing. The land would be sold through an EOI process and at a value that recognises that 20-30% of the site would be either returned to government or donated to a community housing provider for the purposes of community housing