As part of the Coalition Government's commitment to increase the supply of affordable housing, a $65 million loan has been provided to Victorian community housing provider, Haven Home Safe, through the National Housing Finance and Investment Corporation’s Affordable Housing Bond Aggregator.
This will allow Haven Home Safe to refinance its existing debt, saving an anticipated $10 million over the life of the loan.
Importantly, this loan will provide working capital to enable the construction of 99 new social and affordable homes.
These savings can also be re-invested in wraparound services for tenants including employment readiness, financial and living skills, domestic violence support and transitional housing programs as well as support for older Australians.
NHFIC is a key part of the Australian Government’s Reducing Pressure on Housing Affordability plan, announced in the 2017-18 Federal Budget.
In less than 18 months since commencing operations, NHFIC has now provided more than $600 million in loans to community housing providers potentially saving them more than $80 million in interest and other costs.
NHFIC’s Affordable Housing Bond Aggregator is supporting the delivery of more than 800 new and 2,700 existing social and affordable homes.
Haven Home Safe currently owns or manages more than 1,800 social and affordable rental properties across Local Government Areas in Victoria with total assets worth over $350 million.