For Purpose Investment Partners has announced a new partnership to invest $20 million to build 11 homes, for 17 SDA-eligible residents.
Social impact fund manager, For Purpose, will partner with National Housing Finance and Investment Corporation (NHFIC) and community housing provider BlueCHP for the project.
The properties will be built and maintained by BlueCHP in accordance with their specialty design process to ensure they enable residents to live more independently and support their aid requirements. They’ll be located across Boolaroo, Ryde, Rydalmere and Lane Cove in NSW.
“This is an important step for FPIP and in growing our portfolio in housing and social infrastructure. We are proud to be working with SDA specialist BlueCHP and with NHFIC, whose support and ability to provide senior debt is a crucial consideration for us.” says Tim Shaw, Executive Director of For Purpose.
The financing arrangement for the initial development costs, involves FPIP funding the development, and NHFIC providing debt facilities post-completion as part of a broader $20 million facility, with the intention to scale this facility as opportunities arise.