Media Release

15 January 2024

Today marks the commencement of major funding availability for Community Housing Providers (CHPs) under the Government’s $10 billion Housing Australia Future Fund and National Housing Accord.

Registered CHPs will now be eligible to receive funding in the form of availability payments, concessional loans, and in some instances capital grants.

CHPs are dedicated organisations whose mission is to provide social and affordable housing. Nicholas Proud, Chief Executive Officer at PowerHousing Australia, national peak representative body for scale growth CHPs, said “CHP housing has doubled over the past decade and these not-for-profits continue to deliver new social and affordable housing amid long-term limping housing supply that has so many low to moderate income earners hurting.”

“PowerHousing Member CHPs are critical to the housing sector as they are scale not-for-profits, focused on providing social and affordable housing for those facing some measure of housing hardship. CHPs complement government policies to increase homeownership and reduce rental stress for Australians.

With housing affordability already rattling around the bottom of the barrel, last week’s monthly consumer price index painted a grim picture for rental prices in Australia. Rent prices increased 7.1% in the 12 months to November 2023, up from 6.6% in October.

In September, there was a welcomed expansion to the impactful Commonwealth Rent Assistance program, and the increase in rent assistance reduced the out-of-pocket rent costs for eligible tenants in September and October. “However, the concerning story is that excluding these changes to rent assistance, rents would have risen 8.8% over the 12 months to November,” said Nicholas Proud.

A continued shortfall in rental listings saw the national vacancy rate reduce to a new record low of 1.1% in September 2023 as the total count of national rental listings fell to its lowest level since early November 2012.

“With housing affordability in the doldrums, we must seize upon this once-in-a-generation $10 billion investment in social and affordable housing, and Australians are counting on us to see the program through to completion,” said Nicholas Proud. “CHPs, state governments and their partners are ready to commence a scale program of social and affordable housing that will deliver sustainable long-term affordable accommodation for Australians.”

Commonwealth funding under the Housing Australia Future Fund and National Housing Accord has already enabled CHPs such as St George Community Housing to finalise projects such as its Gibbons Street, Redfern development of 160 dwelling units. With an overall construction cost of $63.8 million the development will offer 40 units dedicated to social housing and 120 units for affordable housing. “CHPs are already taking advantage of the possibility of securing long-term, efficient senior debt and there is an added appeal to private sector investors who can bring scale investment into more social and affordable housing,” said Nicholas Proud

For further detail contact:

Nicholas Proud (PowerHousing Australia – Chief Executive Officer) – 0408 538 126