BlueCHP Limited - $70 Million

BlueCHP is a not-for-profit community housing provider (CHP) operating with a core function to source, purchase, develop and own dwellings. BlueCHP undertakes stand-alone development projects, third party CHP developments and joint ventures, delivering over 1,700 properties in the last 10 years.

The AHBA loan has enabled BlueCHP to refinance 630 social and affordable dwellings in their portfolio of properties. Such dwellings include a mixture of detached houses, attached houses and granny flats and group homes.

One of BlueCHP’s community housing projects includes Jordan Springs, a newly developed precinct located near Penrith, Sydney and 5km from the refurbished Nepean Hospital. Jordan Springs is an example of an affordable housing property that has been integrated into an existing community without any visible differences. The loan also includes working capital to fund construction of an additional 87 single dwellings in Jordan Springs.

It is estimated that NHFIC’s low cost financing will save BlueCHP at least $1.3 million each year for 10 years which can be used for new housing projects.

“Financing made available through the NHFIC loan is worth at least $13 million in savings over the 10-year term which can be deployed into new community housing.”

Charles Northcote, BlueCHP CEO

Affordable housing outcomes

The purpose of the loan is to increase affordable housing supply and it will achieve this by the following outcomes:

• Existing dwellings: Refinancing over 630 social and affordable dwellings.
• Additional dwellings: Enable construction of 87 new single dwellings in Jordan Springs.
• Possible outcomes from interest savings: With the potential cost savings it is anticipated that BlueCHP could develop an additional 40 dwellings (assuming $330k construction cost) over the term of the loan or fund community programs through their service providers