NHFIC Successfully Passed into Law

Australia’s stock of social and affordable housing is poised to rise significantly following the passage through parliament overnight with bipartisan support of the final piece of legislation to establish the National Housing Finance and Investment Corporation (NHFIC).

Delivering on a commitment in last year’s Federal Budget, the NHFIC has been established to administer Australia’s first national Affordable Housing Bond Aggregator, designed to encourage greater private and institutional investment in affordable housing by providing cheaper and longer-term finance to registered Community Housing Providers (CHPs).

It will also administer the five-year, $1 billion National Housing Infrastructure Facility to provide CHPs and other eligible applicants with concessional loans, grants and equity to finance critical infrastructure required to deliver more housing supply sooner.

NHFIC will be a gamechanger for the sector and the community, particularly key workers and those on lower incomes, and that members were ready to bring forward projects to make more affordable housing a reality for more Australians as soon as possible.

PowerHousing Chair, Nicola Lemon, commends the passage of this legislation and the establishment of the NHFIC is a monumental step towards cracking the massive social and affordable housing challenges confronting the country today.

Institutional and international investment into Australian affordable housing will become commonplace and in years to come, the NHFIC will be seen to be a foundation stone central to tackling affordability.

The Community Housing Provider (CHP) sector and broader residential industry have been strong in their support of the NHFIC and we commend the Government and Opposition in the media and personally for their genuinely consultative approach with us as they have developed this legislation.

We applaud Federal Treasurer Scott Morrison and Assistant Minister Michael Sukkar’s commitment and efforts to building the financial and operational capacity of CHPs as a critical part of the long-term solution to Australia’s housing affordability challenges.

We also warmly welcome the bipartisan support these measures have received in parliament and the work of Senator Cameron and the broader Senate Economics Committee who listened to and took on board the sector’s urgent need for these measures.

Community Housing Providers are poised to ensure this new opportunity will deliver social change to the benefit of all Australians.