Housing Australia supports 490 new social and affordable homes targeting over 55s in Cairns

Housing Australia and Northern Australian Infrastructure Facility (NAIF) together with the Queensland Government, through the Housing Investment Fund (HIF), will support the delivery of 245 social dwellings, 223 affordable dwellings and 22 specialist disability accommodation units. The social and affordable housing precinct will consist of new one- and two-bedroom homes aimed at housing eligible seniors seeking to downsize.

The Cairns development is the first modular homes project supported by Housing Australia with the architecturally designed precinct delivering low-maintenance and energy-efficient dwellings close to transport routes and amenities.

Housing Australia’s funding will comprise a $175 million loan and a $31.25 million grant under the National Housing Infrastructure Facility Social and Affordable Housing (NHIF SAH) provided as takeout financing following completion of the development. The project is being delivered by Community Housing (Qld) Limited and Tetris Capital, with funding during the development phase being provided by the Queensland Government’s HIF, NAIF and ANZ Banking Group (ANZ).

The project is targeting practical completion by the end of 2026. Once completed, and subject to satisfaction of certain conditions, Housing Australia’s funds will be released for the operational phase to substitute the funds from ANZ.

Housing Australia Acting CEO, Stuart Neilson said, “We are pleased to support new social and affordable housing for hundreds of seniors in Cairns. The project brings together Federal and State governments, private investment and the community housing sector to deliver much needed social and affordable housing that is well connected to local services.”

NAIF CEO, Craig Doyle said, “There is currently a major need for long-term social and affordable accommodation in Cairns. While NAIF does not build or develop property, we can help those who do, and we are pleased to help progress what will be an important project for the Cairns region.”