Evolve Housing’s A$70 Million Affordable Housing Facility

Allens has advised Evolve Housing (Evolve) on a 10-year, A$70 million facility provided by the Federal Government’s National Housing Finance and Investment Corporation (the NHFIC).

Funded by the proceeds of a A$315 million social bond issuance by the NHFIC, the loan will be used by Evolve to refinance existing debt facilities and support its ongoing activities in providing affordable housing and social support programs.

Evolve is one of the first community housing providers to receive a loan funded by the NHFIC’s first social bond issuance, which drew strong demand from local and offshore institutional investors.

Based in Western Sydney, Evolve Housing is one of the largest community housing providers in Australia, that assists low income earners or people who are otherwise disadvantaged or unable to access appropriate housing.

The NHFIC bond issuance and subsequent loans, allow the recipient community housing providers to borrow at interest rates below their current rates.

Allens advised with a team incliding Jo Folan (Picutre), Edward Chuah and Kate Buchanan.

Involved fees earner: Edward Chuah – Allens; Jo Folan – Allens;

Law Firms: Allens;

Clients: Evolve Housing Limited;

Author: Michael Patrini