Each year, $500 million of the investment returns will be used to build affordable and social housing for Australians who need it most. The fund aims to deliver 30,000 new homes in its first five years, mixing social housing with affordable rentals to help address the nationwide shortage of affordable homes.

At $10bn, the HAFF is the single biggest investment in public housing in Australia's history.

The fund has shown strong performance so far - by December 2024, it had grown to $10.885 billion, delivering a return of 7.5% since its inception in November 2023. The money will be used in specific ways, including building 20,000 social housing homes (with 4,000 specifically allocated for women fleeing domestic violence and older women at risk of homelessness) and 10,000 affordable rentals for frontline workers.

The fund also sets aside specific amounts for other housing needs: $200 million for improving remote Indigenous housing, $100 million for crisis housing for women and children leaving dangerous situations, and $30 million for housing and services for veterans who are homeless or at risk of homelessness.

According to the Finance.gov website, the first round of funding has already made significant progress, with "more than 13,700 new social and affordable homes across Australia" in the contract negotiation phase. A second round of funding is working with state and territory governments to create "up to 5,000 social dwellings".

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From the ALP website:

The Albanese Labor Government is making the biggest investment in new social and affordable housing in more than a decade.

The $10 billion Housing Australia Future Fund would deliver funding to build 30,000 affordable homes within its first five years - including:

• 20,000 new social housing homes - 4,000 of which would be allocated to women fleeing domestic violence, and older women at risk of homelessness.

• 10,000 affordable rentals for frontline workers like police, nurses and cleaners who kept us safe during the pandemic.

• $200 million to repair, maintain and improve remote Indigenous housing.

• $100 million for crisis and transitional housing for women and children leaving or experiencing domestic and family violence, and older women on low incomes who are at risk of homelessness; and

• $30 million to build housing and fund specialist services for veterans experiencing homelessness or at risk of homelessness.

From the Finance.gov website:

The Housing Australia Future Fund (HAFF) was established on 1 November 2023 by the Housing Australia Future Fund Act 2023 (HAFF Act). The HAFF is a dedicated investment vehicle to provide additional funding to support and increase social and affordable housing, as well as other acute housing needs including, but not limited to, the particular needs of Indigenous communities and housing services for women, children and veterans. The HAFF was credited with $10 billion on establishment.

From Housing Australia:

Housing Australia has selected an initial pipeline of 185 projects to potentially deliver more than 13,700 social and affordable homes across the country under the first funding round of the Federal Government's Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF).

The preferred projects under funding round one will support investment of up to $9.2 billion in social and affordable housing, with the pipeline expected to deliver more than one-third of the program's 5-year target of 40,000 social and affordable homes.

Today, Housing Australia will notify applicants of the outcomes for the first funding round of the program following completion of a detailed evaluation process. The preferred projects will progress to contract negotiations.The preferred projects include more than 4,200 social and 9,500 affordable homes. The new homes are distributed across every State and Territory and include almost 1,300 homes for women and children escaping domestic violence and older women at risk of homelessness.Approximately 700 of the homes are due for completion this financial year, ready for tenants to move in.

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Update 15/02:

From Claire O'Neal:
"Despite months of obstruction from the Coalition and the Greens, the HAFF is generating returns as intended, and is one of the ways we're building 55,000 social and affordable homes across the country. It's all part of our big housing build to deliver more homes in our cities, suburbs and regions and make housing more affordable." [5]

[1] https://www.finance.gov.au/government/australian-government-investment-funds/housing-australia-future-fund

[2] https://www.housingaustralia.gov.au/media/housing-australia-announces-initial-pipeline-housing-housing-australia-future-fund-and

[3] https://alp.org.au/affordable_housing_commitment

[4] https://www.abc.net.au/news/2023-05-19/promise-check-housing-australia-future-fund/101787608

[5] https://www.linkedin.com/posts/clare-o-neil_despite-months-of-obstruction-from-the-coalition-activity-7296423482496622592-kFoh?utm_source=share&utm_medium=member_desktop&rcm=ACoAADGKI84BEQsTAeWhVFf2WLa9w5bsHIwR7oY

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