Treasurer opens new EOI under $2B Housing Investment Fund

Treasurer and Minister for Trade Cameron Dick has put the call out for innovative affordable and social housing proposals through the Palaszczuk Government’s signature $2 billion Housing Investment Fund.

The Treasurer said the new invitation for Expressions of Interest 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,” the Treasurer said.

“This supports our increased target of 5,600 additional social and affordable home commencements across Queensland by 30 June 2027.

“The market invitation released today expands eligibility to allow stand-alone affordable housing projects to be supported under the Housing Investment Fund.

This will allow a greater segment of the market to participate in bringing forward new housing and support the State’s commitments under the National Housing Accord.

“This is an opportunity for quality, market-ready housing projects on privately owned sites to be supported by the HIF to deliver more affordable and social housing for Queenslanders, either through new construction or the repurposing of existing dwellings.”

Existing measures under the Palaszczuk Government’s plan to deliver more affordable housing continue to be rolled out.

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 projected to commence by the end of 2023, with residents moving in during 2027.

“The three developments now being supported by our Build-to-Rent Pilot Project in the Brisbane area will deliver more than 1,200 new dwellings, of which up to 490 will be provided at discounted rent.”

Minister for Housing Leeanne Enoch said this project is another example of the Palaszczuk Government delivering innovative housing solutions across Queensland.

“Our continued partnership with community housing providers and private industry is delivering even more social and affordable housing, ensuring Queenslanders have a roof over their head,” Ms Enoch said.

“These 1,200 new Build-to-Rent dwellings are just some of the over 13,000 social and affordable homes the Palaszczuk Government will have commenced by 2027,

“We know Queenslanders are doing it tough, which is why our comprehensive 10-year Housing Strategy includes programs like Build-to-Rent, to deliver more affordable housing options.”

Cedar Pacific CEO 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 Build-to-Rent project at 50 Quay Street, 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,” said Mr Armstrong.

“The Queensland 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 whilst delivering a social benefit to fulfill their ESG objectives” said Mark de Medici, Cedar Pacific’s CFO.

More information on the Housing Investment Fund Private Site Invitation is available at www.treasury.qld.gov.au/programs-and-policies/housing-investment-fund/, with Expressions of Interest due to close on 8 May 2023.

ENDS

Media contact: Geoff Breusch 0417 272 875