Who will benefit from the $10 billion dollar housing fund?

Key points:

• Labor’s $10 billion dollar Housing Australia Future Fund has been passed by the Senate with the support of the Greens

• The program is intended to deliver publicly subsidised, privately financed, social and affordable housing development

• Vasey RSL Care was pleased that Minister for Veterans’ Affairs, The Hon Matt Keogh MP had cited The V Centre as one of the important new initiatives looking for funding

The proposed Housing Australia Future Fund has passed the Senate, which will see the Federal Government borrow $10 billion dollars to invest in equity markets, generating an estimated $500M annual return to subsidise housing development.

Additionally, the Government announced a further one billion dollar investment in the National Housing Infrastructure Facility to bolster the creation of new homes.

This landmark legislation served as a source of optimism for one of Australia’s leading veteran accommodation providers — Vasey RSL Care.

Vasey RSL Care has been a passionate advocate for the co-funding of The V Centre — the Veteran Empowerment Program — with the passage of legislation providing hope that the Federal Government will be able to come to the table with a significant funding proposal.

Janna Voloshin, chief executive officer for Vasey RSL Care said The V Centre aims to reduce veteran homelessness through a program that combines a safe place to live with wrap-around support services.

Vasey RSL Care has been in regular discussions with the Government, particularly with local Federal Member for Jagajaga Kate Thwaites, around ensuring that veterans receive appropriate representation when the Government decided on September 13, 2023.

A $30M portion of the HAFF is set to go towards housing for veterans facing homelessness or at risk of homelessness.

On Monday, September 11, Veterans’ Affairs Minister Matt Keogh expressed his support in Parliament for organisations, such as Vasey RSL Care, that sought to do more for veteran housing.

“I went with the member for Jagajaga, just the other week, to visit The V Centre being built in her electorate and to meet with Vasey RSL Care, to look at the work that they are doing in supporting veterans who need transitional housing,” Minister Keogh said.

The V Centre aligns with the Government’s commitment to supporting vulnerable veterans to secure safe and affordable housing. The stark reality that veterans are nearly three times more likely to experience homelessness than the general public underscores the urgency of this initiative, according to Vasey RSL Care.

Vasey RSL Care’s Chief Executive Officer Janna Voloshin expressed her enthusiasm about the HAFF passing through the Senate on Wednesday.

“This marks great progress in addressing homelessness in Australia and the national housing crisis. In the coming weeks, we look forward to engaging in crucial conversations with our national leaders,” the CEO said.

Board Chair for Vasey RSL Care Mike O’Meara OAM commented on the legislation passage, stating that the organisation was keen to continue its support for Australian veterans.

“We eagerly anticipate the positive impact these measures will have on the Australian housing landscape and are confident The V Centre — Veteran Empowerment Program — can contribute to combating the risk of homelessness for Australian veterans,” Mr O’Meara said.

The HAFF was a core part of the Albanese Government’s ambitious housing reform agenda, which also included:

• A three billion dollar New Homes Bonus and $500M Housing Support Program
• A new two billion dollar Social Housing Accelerator to deliver thousands of new social homes across Australia.
• A National Housing Accord which includes federal funding to deliver 10,000 affordable homes over five years from 2024 — to be matched by up to another 10,000 by the States and Territories
• Increasing the maximum rate of Commonwealth Rent Assistance by 15 percent — the largest increase in more than 30 years
• An additional two billion dollars in financing for more social and affordable rental housing through the National Housing Finance and Investment Corporation
• New incentives to boost the supply of rental housing by changing arrangements for investments in built-to-rent accommodation
• A $1.7 billion dollar one-year extension of the National Housing and Homelessness Agreement with States and Territories, including a $67.5 million dollar boost to homelessness funding over the next year
• State and Territories committing to ‘A Better Deal for Renters’
• States and Territories supporting the national rollout of the ‘Help-to-Buy’ program, which will reduce the cost of buying a home

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