Australia’s $10 Billion Housing Fund (HAFF) Gains Parliamentary Approval
Parliament has given the green light to the $10 billion Housing Australia Future Fund (HAFF), a crucial step towards addressing the country’s housing crisis with new social and affordable homes on the horizon.
The details:
The HAFF envisions constructing 30,000 new buildings over the next five years. However, the exact start date for the construction still needs to be confirmed.
Housing Minister Julie Collins has expressed the government’s urgency in operationalizing the fund. She indicated a hopeful timeline of weeks, or at the most, a couple of months, before the fund becomes active.
The ultimate goal is to funnel the returns from this fund towards increasing the availability of social and affordable homes.
What they’re saying:
Housing experts and associations across the country have praised the legislation’s approval. Many hailed it as a significant step after a decade without notable federal housing programs.
You can’t understate the importance of this move; even though it might only cover some needs, it’s an addition of 30,000 homes in housing poor Australia that weren’t previously on the table.
Changes made:
To gain crossbench support, the government introduced several amendments to the HAFF. These include an annual spending guarantee of at least $500 million and a promise to construct a minimum of 1,200 homes in every state and territory over the stipulated five-year period.
Outside of HAFF, the government has pledged $2 billion via the Social Housing Accelerator, intending to fund thousands of homes. This funding is already in the hands of states and territories, earmarked for commitment by June 2025.
Another $1 billion has been promised by the government for additional housing construction. Still, details about its expenditure and projected home count remain undisclosed.
Timeline for construction: The government has yet to commit to exact construction dates due to factors beyond its direct control, such as regional government regulations and land availability.
Challenges ahead: While the construction industry believes they can handle the imminent surge in demand, future concerns loom large. The sector can cope in the immediate future, but many project a potential workforce shortage from 2025 onwards, stressing the importance of forward planning and training.
The broader context: Despite the significant step forward, many believe there’s still work to be done in the housing sector. There is a need for comprehensive strategies, pointing out concerns like zoning reforms, the growing homelessness rates, and the need for rent caps and protection against evictions to improve housing affordability.
The post Australia’s $10 Billion Housing Fund (HAFF) Gains Parliamentary Approval appeared first on Stop Population Decline.