Locally-based, Compass Housing has been given access to $140 million of funding through the National Housing Finance and Investment Corporation (NHFIC) to better deliver hundreds of new social and affordable homes across the Hunter and Central Coast. 

The community housing organisation’s Group Managing Director, Greg Budworth, said NHFIC’s lower cost, longer-tenor financing will enable Compass Housing to deliver homes under the NSW Government’s Social and Affordable Housing Fund (SAHF) in a more sustainable way. 

Mr Budworth said 80 per-cent of the new homes will directly benefit people on the social housing waiting list. 

“This NHFIC funding will allow Compass Housing to own rather than lease 330 homes while reducing the overall costs of servicing the SAHF program to the NSW Government,” Mr Budworth said. 

“When not for profit community housing providers own housing stock there is greater certainty for the use of the housing to help key workers and those struggling to put a roof over their heads,” he said. 

‘We can offer people in need of accommodation support beyond the normal 25-year leasehold agreement, as we will own the dwellings”. 

“Funds have been freed up through the restructured finance, allowing us to invest in even more housing. 

“We can also use the equity in housing we own to invest in even more housing for local people.” 

Compass was awarded a SAHF contract to deliver 500 social and affordable homes and related services under a 25-year service agreement with the NSW Department of Family and Community Services (FACS). 

NHFIC Chief Executive Officer ,Nathan Dal Bon said the support for Compass Housing demonstrates the benefits of cheaper and longer-term finance to increase the stock of social and affordable housing in regional Australia. 

“It highlights how NHFIC can work in partnership with community housing providers and the States to deliver better housing outcomes,” Mr Dal Bon said. 

“We appreciate the cooperation of FACS and look forward to further opportunities to use NHFIC’s transformative financing to support Commonwealth and State housing initiatives.” 

SAHF is a $1 billion NSW Government initiative designed to deliver more than 3,400 homes across NSW. 

IMAGE | Compass Housing granted $140 million in funding to develop homes across Hunter & Central Coast