While the Centre for Affordable Housing does not have access to ongoing funds to support projects, from time to time, resources – financial or land – become available to the Centre for projects that will make a significant contribution to the availability of affordable housing.
When these types of resources become available, the Centre evaluates current proposals to link the resources with appropriate projects. Priority is given to those projects that can attract resources from other partners.
In relation to funds, applications must meet specified selection criteria. If considered, the applicant will then be subject to a negotiated funding agreement, which sets out project accountability requirements for assistance with capital development.
Key selection criteria for funding includes the:
- project’s financial viability (the paramount consideration in an assessment process)
- project meets an identified housing need
- contribution of the project to the growth of the affordable housing sector
- level of financial contribution to the project by the applicant
- project constitutes value for money need for each participant to be a viable entity with clearly defined and agreed roles
- project being technically viable and of an appropriate quality.
The Centre may provide funds for particular types of projects it wishes to see developed or it may support proposed new models for providing affordable housing.
Capital funding provides grants for the development of affordable rental housing projects by the private, local government or not-for-profit sectors. The Centre may wish to retain an interest in the project equivalent to the value of its contribution, or applicants must demonstrate how the accommodation will remain affordable in the longer term.
The Centre also has funds in its budget to assist in the development or feasibility assessment of new affordable housing projects or models developed by the private, local government or not-for-profit sectors. These funds may be applied towards the site assessment, design and financial viability of a proposal for capital funding.
The Centre does not have the resources to provide grants to individuals wishing to access the home purchase market.