Hicksons supports winning bid in affordable housing

Hicksons congratulates Amelie Housing, the community housing company of the Trustees of the Society of St Vincent de Paul (NSW), who have been appointed to provide 500 social and affordable housing dwellings.

Background to the project

The project is part of the Social and Affordable Housing Fund (SAHF) Phase 1, a new approach to the way Social and Affordable Housing is delivered in NSW.  The SAHF is a key initiative of Future Directions and comprises two main elements:

1. SAHF NSW (the Fund): The NSW government has contributed $1.1 billion in seed funding which will be invested by the NSW Treasury Corporation. The returns will be used to support SAHF Phase 1 projects.
2. FACS Commissioning Unit: A dedicated unit established within the Department of Family and Community Services to commission and procure social and affordable housing services.

Hicksons role

Amelie Housing was one of 9 parties invited to participate in the RFP process.  Hicksons was proud to assist in all legal aspects of preparing the bid and were also involved in developing the strategy for the bid.  Legal services included review and negotiation of the Services Agreement with FACS, structuring the land contribution to be made by the St Vincent de Paul Society in NSW, advising on governance and negotiating finance for the bid.  Amelie Housing was advised that they were a preferred proponent in late November.  Contracts were signed on15 February and commercial close occurred on 21 February.

Between late November and 15 February, there were further negotiations around the Services Agreement and associated documents which were led by us.  Hicksons also assisted with the finance documents (which was complicated by a change of financier that was only approved on 17 January).  Finally, we coordinated of all conditions precedent under both the Services Agreement and the Facility Agreement.

The Project is divided into a 3 year Delivery Phase when new dwellings will be delivered and a 25 Services Delivery Phase when services will be to the tenants of these new dwellings.  We will continue to be involved especially during the Delivery Phase.

Post by John Kell