Leading Australian law firm Hall & Wilcox has separately advised Compass Housing Services and Hume Community Housing Association on the first round of the National Housing Finance and Investment Corporation (NHFIC) loans.
NHFIC’s first bond issue of $315 million is the largest social bond issued in Australia. The funds raised will be loaned to community housing providers that provide social and affordable housing in Australia. NHFIC will provide a fixed rate of under 3 per cent for 10-year interest-only loans to these providers, including Compass and Hume, and estimates up to 300 new affordable rental dwellings, enhanced support services and ongoing maintenance will result.
Banking and finance partner, Nick Slack, advised Compass and Hume on the financing transactions whilst Katrina Reye led the broader Hall & Wilcox team on the project related aspects of the Compass transaction.
Nick commented that “solving the problem of social and affordable housing is critical – both Compass and Hume are key players in that complex endeavour and their new funding arrangements with NHFIC will be a huge boost.”
Compass operates in NSW and Queensland and has been providing tenancy and property management services and housing solutions for people in need for more than 30 years. Hume provides rental homes and services to more than 4000 people across NSW.
NHFIC’s first bond will help build a new investment asset class for affordable housing in Australia.
Hall & Wilcox is leading the way in providing specialised legal advice in all areas of social and affordable housing, including banking, property, construction and financial services. Recently, the firm advised Arena REIT on its acquisition of three specialist disability housing properties.