Inquiry into social impact investment for housing and homelessness outcomes

Abstract

iii AHURI AHURI is a national independent research network with an expert not-for-profit research management company, AHURI Limited, at its centre.AHURI's mission is to deliver high quality research that influences policy development and practice change to improve the housing and urban environments of all Australians.Using high quality, independent evidence and through active, managed engagement, AHURI works to inform the policies and practices of governments and the housing and urban development industries, and stimulate debate in the broader Australian community.AHURI undertakes evidence-based policy development on a range of priority policy topics that are of interest to our audience groups, including housing and labour markets, urban growth and renewal, planning and infrastructure development, housing supply and affordability, homelessness, economic productivity, and social cohesion and wellbeing. AcknowledgementsThis material was produced with funding from the Australian Government and state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible.AHURI Limited also gratefully acknowledges the contributions, both financial and in-kind, of its university research partners who have helped make the completion of this material possible. DisclaimerThe opinions in this report reflect the views of the authors and do not necessarily reflect those of AHURI Limited, its Board, its funding organisations or Inquiry panel members. No responsibility is accepted by AHURI Limited, its Board or funders for the accuracy or omission of any statement, opinion, advice or information in this publication. AHURI journalAHURI Final Report journal series is a refereed series presenting the results of original research to a diverse readership of policy-makers, researchers and practitioners. Peer review statementAn objective assessment of reports published in the AHURI journal series by carefully selected experts in the field ensures that material published is of the highest quality. The AHURI journal series employs a double-blind peer review of the full report, where anonymity is strictly observed between authors and referees. Contents List of tables vi List of figures viiAcronyms and abbreviations used in this report viii Glossary viii Executive summary 1Key points 1 Project context 2The study 2 Key Inquiry findings 3Key policy implications 8 Introduction 101. Table 1: Types of SII instruments and models that have been used to address housing and homelessness challenges 5 Table 2: Distinction between social finance, social investment, socially responsible investment and social impact investment 21 Table 3: SII market 23 Table 4: Types of SII instruments and models that have been used to address housing and homelessness challenges 30 Table 5: Some key risks of using SII for housing support and housing support services by group 39 (SIIT 2014; GIIN 2016). List of tables Key findings include: Australia...

Disruption and the matching market for new multifamily housing in Melbourne, Australia

“…Risk mitigation of this type delivers another form of value to these social impact investors, who can be confident that their funds will be returned to be made available to future borrowers. This is particularly important in Australia as impact investing is a nascent sector with limited capital (Muir et al, 2018).…”

Impact Investment Ecosystem - A Critical Review and Recommendations

“…Many researchers have developed and provided the framework for the establishment, maintenance and implementation of the impact investment ecosystem (Godeke, et al, 2009) (Littlefield, 2011), (Harji & Jackson, 2012), (Dutt, et al, 2014), (Lamptey, 2019). Impact investment ecosystems were developed by different researchers specific to particular industries/sectors also, such as the climate tech startup industry (Gada, et al, 2021), for small businesses (Greene, 2011), (Audette, Gillis, Muller, & Berman, 2015), for energy businesses (Singer, 2011), for the housing sector (Heaney, et al, 2017), (Muir, et al, 2018), (Jarvis, 2020). Many authors have made policy frameworks and presented recommendations to create a strong impact investing ecosystem (Puttick & Ludlow, 2012), (Mair & Milligan, 2012), (Tommaso, 2013), (Bishop, 2014), (Sales, et al, 2015), (Yeo, Prakash, Wang, & Moore, 2019), (Nicholls & Teasdale, 2019) and also highlighted the role of government to boost impact investment industry (Arnoldus, 2013), (Martin, 2013), (Bishop, 2014), (Benford, Birnbaum, & Dombrowski, 2014), (Koenig & Jackson, 2016), (Crawford, 2017), (Nagappan, Rishi, & Maniar, 2019).…”

Ending Homelessness in Australia: How can the homelessness service system be redesigned and implemented to be effective for different groups across the life course?

“…The experiences of homeless people across different parts of the life course, including youth and old age, also differ (MacKenzie, Flatau et al 2016;Heaney, Flatau et al 2017;AIHW 2017). Furthermore, the drivers of and solutions to homelessness cut across the human services system, including early intervention, prevention and crisis services; current and potential funding and commissioning models for social and affordable housing (Muir, Moran et al 2017;Muir, Michaux et al 2018;Sharam, Moran et al 2018;Heaney, Flatau et al 2017); and the interface with many other human services, including those that relate to employment, disability, health and mental health, criminal justice and supports to Indigenous communities (Bleasdale 2006;Baldry and Dowse 2013;Heaney, Flatau et al 2017;AIHW 2017).…”