The Community Housing Industry Association has strongly endorsed a decision to invest in community housing by four major industry super funds and IFM Investors, amid surging housing stress and a chronic shortfall of social and affordable housing,
Cbus Super, CareSuper, Hostplus, Rest, and IFM Investors, collectively manage over A$505 billion in funds and have announced their intention to inject substantial capital into the housing sector. The funds will partner with community housing providers to initiate investments through the Commonwealth Government’s Housing Affordability Future Fund (HAFF), aligning with the National Housing Accord.
The super funds have indicated the investment is possible due to new policy settings that allow for large-scale investments while safeguarding members’ returns.
Wendy Hayhurst, Chief Executive, Community Housing Industry Association, said the decision came at a critical moment.
“The housing needs of more than 640,000 Australians are not being met and unless something substantial changes, that will surge to one million Australians by the end of next decade,” Hayhurst said.
“To combat the housing crisis, we really need all hands to the wheel, which is why this announcement from industry superannuation is so significant.
“Community housing is cost effective with a proven and sustained track record. We strongly endorse this announcement and look forward to working closely with industry superannuation investors, both to deliver returns for their members while also tackling Australia’s most difficult social and economic challenge, the housing crisis.”
The announcement comes as key figures in the housing, property, and finance sectors come together to tackle the country’s pressing housing challenges at the ninth Affordable Housing Development & Investment Summit, hosted in Naarm/Melbourne from February 26-28, 2024. The event provides a platform to share innovative solutions and strategies in social and affordable housing design, investment, place making, and tenancy/asset management.
