Deadline: 23-Dec-22
The Queensland Government is pleased to announce the applications for Growth Acceleration Fund (GAF) to support the delivery of essential infrastructure such as roads, water supply, wastewater and stormwater, which is required to unlock land for housing in high-growth areas of SEQ.
The delivery of infrastructure is a shared responsibility, and this fund is a collaborative mechanism to bring forward important infrastructure which will help to deliver liveable communities.
GAF aims to address circumstances where local government or developers are not able to independently fund and deliver essential infrastructure required to commence the development. Without targeted investment for essential infrastructure the supply of new land will continue to be constrained in South East Queensland.
Objectives
- GAF’s key objective is to accelerate the delivery of essential infrastructure (transport, water supply, wastewater and stormwater) that unlocks residential land supply in high-growth areas within SEQ. GAF’s expected outcomes are to:
- Deliver projects that drive investment in increasing land supply, addressing housing availability and affordability in South East Queensland.
- Facilitate infrastructure planning, funding and delivery in a coordinated way to ensure GAF essential infrastructure is delivered at the right time, place and purpose for unlocking land or generating housing supply.
- Leverage partnerships and investment opportunities for maximum return to the State and growth area communities.
Funding Information
- Applicants can apply for up to $10 million from GAF, however the fund is competitive, and applicants will need to demonstrate the requested loan amount provides optimum benefits for GAF.
Eligible Projects
- To be considered eligible for GAF funding, projects must:
- Be located within the South East Queensland Urban Footprint identified in Shaping SEQ
- Be for a single eligible essential infrastructure project
- Deliver a minimum of 500 new lots or new dwellings serviced by the infrastructure project
- Provide a minimum up front contribution of 10 per cent of the total eligible project cost (exclusive of GST) noting preference may be given to higher contributions
- Deliver essential infrastructure being new transport, water, wastewater, and stormwater within/or services a growth area, within the SEQ urban footprint
- Demonstrate how investment in essential infrastructure is a critical action to unlock growth potential that would otherwise stall or not occur
- Commence construction within twelve (12) months of executing a concessional loan agreement or by 31 October 2024 whichever is the earliest
- Complete construction within twenty-four (24) months of executing a concessional loan agreement. In addition:
- If the EOI applicant is a local government, declare that the funding request has been approved by the local government’s Chief Financial Officer or delegate prior to an application being progressed to Phase 2.
- How are projects selected for Growth Acceleration Fund?
- Funding decisions for infrastructure projects will be made following a two-stage application and assessment process comprised of:
- Phase 1 – Expression of Interest (EOI) preliminary assessment. Applications will undergo competitive assessment against eligibility and assessment criteria, the fund’s objective and the project’s ability to achieve GAF outcomes.
- Phase 2 – Detailed Evaluation for invited shortlisted projects. In this phase projects are evaluated against merit criteria and through undertaking a detailed Commercial and Financial Evaluation.
Eligibility Criteria
- To be eligible to apply an applicant must;
- Be a company incorporated in Australia, or a corporate trustee on behalf of a trust
- Have an active Australian Business Number
- Be registered for GST,
- Have successfully delivered previous infrastructure projects, and
- Have been operating in Queensland for at least 12 months.
Outcomes
- The fund is expected to:
- Support projects that drive investment and jobs, increase South East Queensland land supply, and address housing availability and affordability.
- Proactively influence infrastructure planning, funding and delivery in a coordinated way to ensure GAF essential infrastructure is delivered at the right time, place and purpose for unlocking land or generating housing supply.
- Promote collaboration across state and local government, utility providers and development industry to promote a short-term pipeline of residential development that leverages partnerships and investment opportunities for maximum return to the State and growth area communities.
Ineligible Projects
- GAF will not fund infrastructure projects:
- Within or whose primary purpose is servicing the Caboolture West Major Expansion Area (MEA) (refer to Appendix 1)
- Within or whose primary purpose is servicing a Priority Development Area (PDAs) (refer to Appendix 3)
- That are primarily servicing accommodation including aged care, boarding homes, tourism and other short stay accommodation
- Which are primarily for servicing non-residential dwellings
- That will require several years of planning and design work
- That are replacing existing infrastructure
- When the funding is replacing approved grant or loan funding from another source
- If the project is for bulk water infrastructure and will ultimately be operated by SEQWater
- If the project is already completed.
For more information, visit https://www.statedevelopment.qld.gov.au/planning/growth-areas/growth-acceleration-fund