NHFIC teams with For Purpose Investment Partners and BlueCHP to fund NSW disability housing project
The National Housing Finance and Investment Corporation (NHFIC), together with specialist community housing provider BlueCHP and social impact fund manager For Purpose Investment Partners (FPIP), has announced a $20 million investment in Specialist Disability Accommodation (SDA) projects across four Local Government Areas (LGAs) in New South Wales.
The first stage of the project is expected to comprise a minimum of 11 homes to accommodate 17 SDA-eligible residents across development sites in Boolaroo, Ryde, Rydalmere and Lane Cove. BlueCHP will develop the homes and maintain the facilities on a long-term basis.
The homes qualify under the National Disability Insurance Scheme (NDIS) as specialist disability accommodation and will be built to specific SDA design categories. BlueCHP’s unique 7 Step ‘Guide You Home’ process works with families and carers to ensure the homes are designed and fitted out with features that will enable residents to live more independently and that will assist with the delivery of support for residents with extreme functional impairment or very high support needs. There will also be onsite overnight assistance for all residents.
The financing arrangement for the initial development costs, involves FPIP funding the development, and NHFIC providing debt facilities post-completion as part of a broader $20 million facility, with the intention to scale this facility as opportunities arise. The post-completion funding from NHFIC enables FPIP to recycle a portion of its capital into additional BlueCHP homes.
Construction is underway on three sites with the balance of sites to be completed in 2023.
NHFIC CEO Nathan Dal Bon said: “We are pleased to support new specialist disability accommodation in our first SDA partnership with BlueCHP. Collaborating with value-aligned social impact financiers like For Purpose Investment Partners enables us to deliver more housing for Australians with specialist needs.”
BlueCHP CEO Charles Northcote said: “This is an important step in the provision of disability housing. SDA housing requires long-term investment partners, and we welcome the continued support of NHFIC. BlueCHP has been Australia’s leading developer of SDA housing over the past four years and is seeking to provide 1,250 disability places over the next 5 to 7years.”
For Purpose Investment Partners Executive Director Tim Shaw said: “This is an important step for FPIP and in growing our portfolio in housing and social infrastructure. We are proud to be working with SDA specialist BlueCHP and with NHFIC, whose support and ability to provide senior debt is a crucial consideration for us.”