Government calls for ‘innovative’ social housing to become norm
LONDON: The call has gone out for “innovative” affordable and social housing proposals as the government ramps up its bid to alleviate critical housing shortage.
Treasurer Cameron Dick said the invitation for expressions of interest through the $2-billion Housing Investment Fund would provide financial backing for ready-to-go social and affordable housing developments on privately owned sites, including affordable-only proposals.
“At last year’s Queensland Housing Summit, our government committed to doubling the size of our signature Housing Investment Fund to $2 billion, which means annual funding of $130 million is now available,” he said.
“This supports our increased target of 5600 additional social and affordable home commencements across Queensland by June 30, 2027.
“This market invitation expands eligibility to allow stand-alone affordable housing projects to be supported under the Housing Investment Fund.”
He said this would allow a greater segment of the market to participate in bringing forward new housing, either through new construction or the repurposing of existing homes.
Meanwhile, Cedar Pacific has been selected to deliver a 470-home development on the site of the former Children’s Court at 50 Quay Street under the Palaszczuk government’s build-to-rent pilot project.
“Up to 250 of these apartments will be available at a discounted rent subsidised by our government,” the Treasurer said.
“Build-to-rent projects are a great example of the type of developments the Housing Investment Fund’s new market invitation could support.
“Our partnership with private investment manager Cedar Pacific will transform the site into a new residential complex available only to renters, supporting around 200 local construction jobs.
“These affordable rental homes will enable more inner-city workers such as emergency services and hospitality staff to live closer to their jobs, meaning less time traveling and more time with their families.”
Work on site is expected to commence by the end of 2023, with residents moving in during 2027.
Cedar Pacific chief executive Bernie Armstrong said the company would draw on its experience of developing and operating thriving communities in partnership with Essence Communities to deliver a successful the 50 Quay Street project while also creating long-term value for their investors.
“The location of this project, together with the Roma Street precinct station, will be transformational for this part of Brisbane, which will likely see significant further renewal,” Armstrong said.
Cedar Pacific chief financial officer Mark de Medici said the government’s innovative public-private partnership “is a model we would like governments across Australia to embrace as it provides institutional investors an attractive investment opportunity in an emerging sector while delivering a social benefit to fulfill their ESG objectives”.
