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A new industry report on investment funds in the specialist disability accommodation market highlights the need for greater government oversight to increase investor confidence, write Di Winkler and Sabina Curatolo.
Representatives from the Summer Foundation and investment industry leaders – all members of a recently established Specialist Disability Accommodation (SDA) Investor Think Tank – have welcomed the Federal Government’s supportive response to their collective views about the future of the Specialist Disability Accommodation (SDA) market.
A group of investment fund managers, philanthropic investors and supporting organisations met with the Minister for the National Disability Insurance Scheme (NDIS), Linda Reynolds, and National Disability Insurance Agency (NDIA) representatives as part of Minister Reynolds’ SDA Roundtable last Friday to discuss what needs to be done to drive the next phase of the SDA market’s development.
Minister Reynolds described the Think Tank report as a “great piece of work” with sensible recommendations. After reviewing and discussing the report at the Roundtable, Minister Reynolds outlined a plan to get further input prior to getting endorsement to implement solutions.
The Summer Foundation appreciates Minister Reynolds’ commitment to listening and working with Think Tank members and SDA Roundtable to develop and implement joint solutions.
SDA is the most significant impact investment opportunity in Australia today and represents a solution to a disability accommodation problem the government cannot solve on its own. However, the rapid growth of the SDA market has outstripped the evolution of government infrastructure causing some instability in the market.
The Summer Foundation established the SDA Investor Think Tank in mid 2021, in collaboration with a group of investment fund managers, to consider how the market could best be supported through the next growth stage. This work built on the SDA Explainer for Investors which included a survey of investors.
The SDA Think Tank, which includes investment fund managers, who have collectively invested nearly $650 million in the SDA market produced the Specialist Disability Accommodation (SDA) Investor Think Tank Findings and Recommendations report which identifies issues and opportunities that require collective attention to help achieve market maturity.
Recommendations outlined in the report centre around improving market engagement and signalling as well as optimising the demand and supply pipeline.
Think Tank contributors hope the findings and recommendations in the report will support NDIA stewardship of the SDA market, provide a platform for collaboration and help build confidence among market players.
The meeting comes at a time when the sustainability of the NDIS is the focus of conversation. requiring review by the government as rising costs are placing significant pressure on the Scheme. The SDA market has the potential to leverage $5-$12 billion of private capital to address the unmet demand for housing and the redevelopment of old stock that is reaching the end of its useful life. An estimated two thirds of disability housing stock built before 2016 needs to be rebuilt or completely refurbished because it does not meet contemporary standards.
SDA funding is intended for 28,000 NDIS participants, up to 30,000 by 2025, with extreme functional impairment for whom mainstream housing is not an option. It is anticipated an additional 12,000 SDA homes will be required in the near future.
The commitment to working towards a sophisticated SDA market is welcome news for NDIS participants who qualify for SDA funding and those waiting to have their applications considered. Emerging evidence from research by the Summer Foundation and La Trobe University has found significant improvements in wellbeing and community participation for people living in SDA.
The commitment from Minister Reynolds also reaffirms that effective collaboration is essential in an emerging market in order to meet the needs of the government, the NDIA, participants, providers and investors. Everyone benefits if the SDA market reaches its full potential – participants access appropriate housing, investors and providers are able to offer housing which enables positive outcomes, and the government leverages private capital that helps to achieve NDIS sustainability.
You can access the full Specialist Disability Accommodation (SDA) Investor Think Tank Findings and Recommendations report below.
A shortened version of the recommendations outlined in the report are provided below:
Think Tank members are hopeful that the findings and recommendations in the SDA Investor Think Tank Findings and Recommendations report will support NDIA stewardship of the SDA market, provide a platform for collaboration, and help build confidence among market players.
Members have recommended that the NDIA should take the following actions:
1. Work with SDA stakeholders to develop a Stakeholder Engagement Framework that articulates a platform for open communication.
2. Make a senior appointment with primary responsibility for SDA market stewardship, which would be the key point of engagement between the Agency and market players.
3. Release a quarterly SDA Market Statement to provide guidance that supports informed decision-making by market players.
4. Develop the capability and systems needed to routinely release detailed and timely demand data that includes:
5. Undertake a demand activation campaign to support awareness among SDA-eligible participants, including by:
6. Implement a plan to eliminate the backlog of decisions under review and appeals. Resolving this issue will lead to a decrease in financial pressures for some SDA providers, and increased market confidence.
7. Increase the transparency and consistency of SDA eligibility determinations by:
8. Commission an independent review of the costs of SDA and associated supports to ensure assumptions about relationships between Supported Independent Living (SIL) and SDA are evidence-based.
Specialist housing for disabled people, which has grown from nothing into a $2.5 billion asset class in just five years, is poised to expand a further fivefold in response to demand for housing that meets the needs of an estimated 28,000 young people, a new industry report shows.
The Summer Foundation welcomes the announcements made by Minister Reynolds on Friday 9 July 2021 advising the outcomes of the Disability Ministers’ Meeting.
Access to appropriate housing for people with disability can be challenging. This challenge is more so in thin markets, including rural and remote areas, where there are often fewer housing options generally.
National Disability Insurance Agency (NDIA) CEO Martin Hoffman has opened up about where the National Disability Insurance Scheme (NDIS) is heading in an exclusive interview with Summer Foundation Policy Manager and disability advocate, Dr George Taleporos.
Welcome to our winter update. It comes at a time of greater public focus on the National Disability Insurance Scheme (NDIS), particularly around new independent assessments, personalised budgets and challenges within the specialist disability accommodation (SDA) sector.
Summer Foundation is pleased with the recent announcement from the Minister for NDIS, Senator the Hon Minister Reynolds CSC and National Cabinet to expand eligibility for COVID-19 vaccination to all NDIS participants and carers.
Dates have been set for the first webinars accompanying the Welcome Home education package for SDA providers.
The Summer Foundation has welcomed Cain Beckett as an Independent Non-Executive Director to the Summer Foundation Board.
Source: The Urban Developer | Author: Di Winkler
Australia’s building ministers at their meeting on April 30 decided to include minimum accessibility standards in the 2022 National Construction Code (NCC).
This is a significant decision that will shape our housing for generations to come.
The new standards will come into effect in September 2022 and reflect the fact that our housing needs are changing as our population ages.
Source: Probono Australia | Author: Di Winkler & Peter Mulherin
Australia’s building ministers have decided to include accessible design features in the National Construction Code. Di Winkler and Peter Mulherin look at what that means.
From September 2022, new homes in Australia will include accessible design features, after a meeting on 30 April saw building ministers decide to include minimum accessibility standards in the National Construction Code (NCC).
Source: Probono Australia | Author: Di Winkler & Peter Mulherin
This Friday, Australia’s Building Ministers will choose whether accessibility standards will be voluntary or mandatory in the 2022 National Construction Code. Di Winkler and Peter Mulherin explain why mandatory standards will future-proof Australia’s housing for coming generations.
The recently released findings of the Aged Care Royal Commission represent an opportunity to achieve generational reform for older Australians, as the provision of aged care services shift from institutionalised care, to care at home.
The Summer Foundation will launch Welcome Home, our compliance education package for registered providers of specialist disability accommodation (SDA) on 10 May 2021.
Our SDA Quality & Safeguards Project Manager Rosie Beaumont, said the package was designed to help SDA providers understand their obligations under the SDA Practice Standards and explore a rights-based approach to service delivery.
The free package of compliance education resources provides a comprehensive explanation of the SDA Practice Standards and includes 6 training modules, management tools, factsheets, policy guides, videos and podcasts.
The topics covered include:
The Welcome Home package will be available for self-paced learning on the Summer Foundation’s soon-to-be launched online training platform, Summer Learning.
Rosie said a series of Welcome Home webinars will be rolled out from June this year, giving SDA providers the opportunity to discuss a rights-based approach to service delivery and how well common management practices align with the SDA Practice Standards.
To register to access the Welcome Home education package, please click here
This project is funded by the Support for NDIS Providers Program, administered by the NDIS Quality and Safeguards Commission.
A new Summer Foundation resource is the first step in finding housing and moving patients with disability along the hospital discharge pathway more efficiently.
The Housing Needs and Preferences to Support Discharge Guide and Template are for health professionals to support a person with disability to describe the housing and support they want and need so that they can be discharged to suitable housing.
The Summer Foundation believes that the proposed midyear rollout of independent assessments should be postponed and an evidence based pilot, co-designed with people with disability, disability organisations and other experts in the field implemented.
Source: ABC Radio National with Fran Kelly | Reporter: Eleni Psaltis | Image: James Hancock
Currently there are more than 4,300 younger Australians living in an aged care facility; most of them are with disability.
But the Aged Care Royal Commission says by 2025, no one under the age of 65 should be in these facilities.
Featured:
Carol Littley, mother of Kirby Littley who lived in an aged care facility in her twenties
Dr Bronwyn Morkham, National Director of the Young People in Nursing Homes National Alliance
Stuart Robert, Minister for the National Disability Insurance Scheme
Richard Colbeck, Aged Care Services Minister
Dr Di Winkler, Summer Foundation CEO
Lisa Corcoran, former aged care resident
The key recommendations relating to younger people with disability, outlined in the newly released final report of the Aged Care Royal Commission, have been warmly welcomed by the Summer Foundation, Youngcare and Synapse.
Source: Australian Ageing Agenda | Author: Di Winkler
Our ageing population demands more accessible housing, writes Dr Di Winkler.
The final report from the royal commission into aged care will be released this week. This report will show that institutional housing for the elderly is not working and include a range of measures to address the neglect they have found.
Source: Probono Australia | Author: Di Winkler and Peter Mulherin
Only a mandatory approach to accessibility standards will future-proof Australia’s housing for coming generations, and cater to the demands of an ageing population, write Dr Di Winkler and Dr Peter Mulherin outlining the Building Better Homes Campaign.
The Summer Foundation and La Trobe University are conducting national surveys of people with a mobility impairment and occupational therapists (OTs) about housing accessibility features.
We are aiming to get input from:
The studies involve a brief online survey to understand the importance of accessibility features in new Australia housing.
If you are a person with a mobility impairment or an OT and would like to participate, please follow the links below for more information and to access the survey.
By completing the survey and sharing your lived or professional expertise, you will help ensure that future Australian homes better meet the needs of all people. The surveys will be open from 8 February to 19 February.
If you have any further questions, please do not hesitate to contact us. Phone: 03 9894 7006 or email: research@summerfoundation.org.au
Source: ProBono | Author: Dr Di Winkler and Alecia Rathbone
People with high or complex disability support needs have traditionally had extremely limited options when it comes to finding somewhere to live. The growing specialist disability accommodation market is beginning to change that, write Dr Di Winkler and Alecia Rathbone.
Source: The Guardian | Author: Caro Llewellyn
My childhood was spent navigating my father’s disability. Then I was told I was facing the possibility of life in a wheelchair myself. The thing about disability is it usually doesn’t only affect the person living it. It changes the lives of children, parents, friends and partners.
Specialist Disability Accommodation (SDA) is well placed to meet a rising demand for impact investment products in Australia, according to the Summer Foundation’s newly released SDA Explainer for Investors.
In recent years, impact investing – investments made with the intention to generate positive, measurable social and/or environmental impact alongside a financial return – has started to attract the attention of investment banks, super funds and private sector investors.
Summer Foundation CEO, Dr Di Winkler, said there has been a significant progression from impact investment being primarily for philanthropists with an interest in a particular area or sector, to it being seen as a viable option for mainstream investment banks, super funds and private sector investors.
“One of the limiting factors for the growth of impact investment in Australia is the lack of products that have the capacity for investment at scale – the SDA market is well positioned to leverage this private capital,” Dr Winkler said.
“SDA is still somewhat of an unknown quantity for some investors.”
“The SDA Explainer provides a succinct analysis of the SDA demand and supply outlook and investment principles to support investors considering SDA investment opportunities.
“These principles relate to the properties, the quality of the new dwellings, the tenant selection process, disability support and ensuring that the investment is set up for a long term positive social impact.”
What impact investors need to know about SDA
Dr Winkler said that SDA, as an emerging market, has enormous potential to provide both long-term stable returns to investors, while also meeting the housing needs of people with disability.
The Summer Foundation SDA Explainer for Investors has been published on the Summer Foundation website.
Source: Pro Bono | Author: Dr Di Winker & Dr Peter Mulherin
Dr Di Winkler and Dr Peter Mulherin explain the Specialist Disability Accommodation market and why disability housing is well placed to leverage the private capital available through impact investment.
