Housing Australia supports Brisbane Housing Company to deliver over 600 new homes across South East Queensland
Housing Australia funding of $300 million, financial support from Queensland Government’s Housing Investment Fund (HIF) and up to $150 million from Australian Retirement Trust (ART), will support the delivery of up to 604 new homes by community housing provider Brisbane Housing Company (BHC).
The new studio, one and two-bedroom units comprise of 285 social, 294 affordable and 25 market rental homes. The homes are being built across seven locations in South-East Queensland; Redcliffe, Stones Corner, Toowoomba, Woolloongabba, Southport and two locations at Chermisde. The social housing units will aim to provide housing for single women with children, young people; Indigenous Australians and tenants aged 55+; whilst the affordable housing will prioritise key workers.
Housing Australia is providing $300 million in funding to BHC, which includes a $280 million loan via the Affordable Housing Bond Aggregator (AHBA), a $16 million loan via the National Housing Infrastructure Facility Social and Affordable Housing (NHIF SAH), which will predominantly be used as acquisition financing following completion of the developments. There is also a $4 million grant via the NHIF SAH being used to support the construction of homes in Redcliffe.
BHC will also benefit from an estimated saving of up to $51 million in interest and other fees during the 15-year loan tenor.
Housing Australia CEO Scott Langford said, "This is another great example of the importance of collaboration to deliver on our purpose to improve housing outcomes for Australians. Housing Australia's senior debt, State funding under the HIF, and institutional capital from an Australian superannuation fund (ART) will further increase the supply of social and affordable housing at scale in Queensland."
BHC CEO Rebecca Oelkers said, "BHC is incredibly proud to be working with Australian Retirement Trust, the Queensland Government and Housing Australia to create an innovative approach to financing, which will deliver life-changing homes for Queenslanders in housing need."
Australian Retirement Trust Chief Investment Officer Ian Patrick said, "Australian Retirement Trust is proud to be involved in such an important investment to help provide more social and affordable housing across Queensland, while also supporting us to deliver strong long-term investment returns for our close to 2.4 million members."