AnglicareSA was the only South Australian community housing provider to successfully secure funding through the National Housing Finance and Investment Corporation’s (NHFIC) second bond issue announced last week.
AnglicareSA CEO Peter Sandeman said the announcement was a much-needed shot in the arm in SA where housing affordability is at crisis levels for Adelaide’s low income earners.
“SA faces serious housing challenges like the rest of the country. Housing Trust stock is diminishing despite very long waiting lists, which are only increasing,” Mr Sandeman said.
“We are thrilled to be able to access low-cost funding over the next 10 years that will greatly enhance our ability to provide those in need with affordable housing options.”
The bond funding, which provides a locked-in interest rate, significantly reduces the risk and cost of development projects.
“It will provide for the first stage of AnglicareSA’s $75m development pipeline planned for rollout over the next 10 years,” Mr Sandeman said.
“Essentially it increases our impact and reach and supports us to fast-track much-needed social and affordable housing supply.”
The NHFIC bond aggregator funding is a welcome initiative that enables AnglicareSA to provide increased housing via:
- 16 new over-55s social housing properties in Mansfield Park
- 15 affordable homes in the west
- Disability housing in Gilles Plains
- Land acquisition and design funding to develop more than 100 new homes in Thebarton, Panorama and Woodville over the next five years.
Mr Sandeman said there is an intricate interconnection between having a stable home, a secure job, and good physical and mental health.
“If you are not able to afford a home for any length of time, it can place a huge stress on family relationships, and affect childhood development and education, all of which impact on our sense of belonging and meaningful participation in the community.
“The severe financial hardship associated with meeting the cost of rental accommodation leaves many families on low income needing to choose between basic necessities such as paying bills, buying food, seeing a doctor, or paying the rent.”
He said the funding had been acquired together with the support of NHFIC and the South Australian Housing Authority.
“Our impact in the community could be further accelerated with the addition of more government support via land or funding to increase the number of new homes we can supply as social and affordable housing to the community.”