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HESTA invests in affordable housing
Industry fund HESTA has invested $6.7 million into Horizon Housing as part of its $30 million Social Impact Investment Trust.
Horizon Housing, a community housing provider in Queensland, is focused on increasing the supply of social and affordable housing and helping low income earners achieve home ownership in target areas. The Trust will be managed by Social Ventures Australia (SVA).
HESTA chief executive, Debby Blakey, said the investment could make a meaningful social impact, not only through providing capital to the sector but also by developing investable models that address social and affordable housing challenges.
"Many of our members are familiar with the difficulty of access affordable housing and achieving home ownership," Blakey said.
"So, it's appropriate that HESTA's first Australian impact investment has the potential to both earn a financial return and help address a social issue impacting the community and our members."
The investment will help finance the purchase of management rights for 995 existing affordable housing properties and the future development of up to 60 new social and affordable homes. The properties and projects are situated across 15 local government areas in Queensland and northern New South Wales.
Commenting, SVA's executive director of impact investing, Ian Learmonth, said "this partnership with Horizon Housing will provide greater choice and security of tenure for social housing tenants, helping them to transition to the private housing market. It will also provide much needed additional supply of social and affordable housing for Queensland".
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