One of Australia’s “big four” banks has announced that it will provide long-term funding for crisis and affordable housing projects across the country, potentially opening a gateway to hundreds of such projects, Architecture Australia reports.
National Australia Bank (NAB) will provide loans and develop new “financing avenues” for non-profit groups and housing providers to build housing projects, in an initiative it describes as a “$2 billion commitment.” The projects could include crisis accommodation, community housing, disability housing, build-to-rent properties and sustainable developments.
In a statement, David Gall, NAB chief customer officer corporate and institutional banking, said, “Currently, there is a lack of long-term funding options for specialist housing providers which is contributing to a shortage of appropriate accommodation and shelter for Australians in need.
“This is a significant social issue – and we’re determined to help by funding more affordable and specialist homes and improving the capacity and financial maturity of the sector so that it can attract more investment.”
Bevan Warner, chief executive of housing provider Launch Housing, said the announcement “gives organisations like ours the confidence to plan and bring projects forward to both corporate and government funders, to help the growing number of people who desperately need housing and support.”
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Bank’s $2 billion plan to tackle housing crisis (Architecture Australia)
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Coburg Townhouses by Schored Projects for Women’s Property Initiatives. / Image: Tanja Milbourne