The South Australia State Government has announced a $70m Build-to-Rent project in Adelaide that is expected to unlock 130 social and affordable dwellings.
The project, which will be undertaken by the South Australian Housing Authority (SAHA) and the community housing sector, is part of the Federal Government's expansion of the National Housing Infrastructure Facility (NHIF).
The National Housing Finance and Investment Corporation (NHFIC) has provided in-principle support for around $50m in funding subject to SAHA successfully attracting a Tier 1 Community Housing Provider (CHP) for the project.
CHPs will be invited to participate in a procurement process and the successful party will be announced in the first half of 2023.
Under the project, SAHA will provide the land to the CHP for a 99-year lease arrangement valued at $9.5m. It will contribute up to $5.8m of capital grants towards the construction costs.
The project's estimated 130 dwellings will sit on a decommissioned social housing block in Park Court, Eastwood - a suburb of inner-Adelaide.
The new homes are expected to include 30 to 50 social dwellings, with the balance across affordable, targeted towards key workers and private Build-to-Rent dwellings
South Australian Minister for Human Services Nat Cook said this project places the state at the forefront of housing innovation at a time when many people are struggling to find a home.
“This project will cater to people with various housing needs, from people living with disability, to people who need social housing, including women leaving domestic violence situations, and people who need affordable rental properties,” he said.
Photo by abdul wasay's Images on Canva.