Cbus Super has committed up to A$500m (€323m) over five years to support the construction of new social and affordable homes through the Housing Australia Future Fund (HAFF).
HAFF is part of the Australian Government’s National Housing Accord, set up to incentivise super funds to participate in the government’s affordable housing strategy.
Cbus Super CEO, Justin Arter, said the fund was a pioneer in the financing of non-market housing, and the commitment to the National Housing Accord was an extension of the fund’s leadership in this sector.
“We have worked with the National Housing Finance and Investment Corporation (NHFIC) since 2018 to help develop financing models that deliver for Cbus member returns and also deliver affordable financing for Community Housing Providers (CHPs),” he said.
Arter said the fund’s commitment was subject to the finalisation of commercial terms for the HAFF.
Fund chair, Wayne Swan, said Cbus Super’s commitment to the National Housing Accord aligned closely with the fund’s deep connection to the construction industry.
Cbus Super deputy chief investment officer, Brett Chatfield, said Cbus Super would continue to engage closely with the government and NHFIC to ensure the success of HAFF.
“The early work of NHFIC has shown that we can align financial returns for our members with an affordable financing stream for community housing providers,” he said.
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