Industry Super Funds to Invest in Social and Affordable Housing

Under the IFM plan, industry super funds would help bankroll social and affordable housing via long-term debt provided to not-for-profit housing providers, backed by Housing Australia Future Fund subsidies. Industry super funds have pledged to invest billions of dollars in social and affordable housing in a proposal that could rejuvenate federal government plans to address a critical shortage exacerbated by cost-of-living pressures.

Critically, the plan prepared by IFM Investors, a major institutional investor owned by a collective of industry super funds, relies on various reforms from state and federal authorities and calls for a doubling of Labor’s $10bn housing investment vehicle. IFM has flagged an “indicative” investment representing 0.5% of its trillion dollar-plus assets that could result in $15bn invested by 2030 to help deliver about 100,000 social and affordable homes. The IFM’s head of global external relations, David Whiteley, said super funds had been looking to invest in residential housing for decades but, until now, the economics did not stack up.“We’re just at the precipice now of being able to establish a new asset class for super funds and for super fund members,” Whiteley said. Institutional investors have traditionally shied away from social housing because the returns are usually too low to meet their financial obligations to members.Australia Future Fund (HAFF), which pays out at least $500m a year to support community housing providers with concessional loans and other sorts of payments, as a “gamechanger”. Under the IFM plan, industry super funds would help bankroll social and affordable housing via long-term debt provided to not-for-profit housing providers, backed by HAFF subsidie

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