"Alignment of interest and good corporate governance are the foundations of stable, long‑term partnerships in social impact investing."

- Michael Kerans


Founded in 2008, Affordable Housing Australia is an advisor and service provider to the community housing sector.

Our mission is to support government, housing providers and investors in the financing of community housing.

AHA supplies services to:

  • charities and community housing providers; and
  • not-for-profit community housing finance SPVs.

Helping housing providers deliver well-structured social financing initiatives

  • Advise on community housing financing strategies
  • Implement social impact reporting frameworks
  • Foster relationships with institutional investors
  • Develop project financing proposals
  • Prepare financial models, offering documents and due diligence material
  • Form consortia
  • Establish vehicles and structures
  • Manage EOI and bid processes

Providing independent corporate administration and reporting services to SPVs

  • Execute financial and compliance management
  • Perform operational oversight
  • Deliver social impact analysis and reporting
  • Interact with and report to government
  • Present briefings and updates to investors, advisors and consultants
  • Manage refinancing and remarketing events
  • Facilitate the operation of boards and committees
  • Undertake public communication and media liaison

Michael Kerans

Managing Director

Michael has over 30 years’ property industry experience, including more than 10 years in the development and financing of affordable housing. Michael spent 21 years in the unlisted and listed property trust sectors, principally for the ING Group, where he had roles in portfolio management, direct property valuations and acquisitions. Michael worked for three unlisted residential property trusts and was employed in the launch of the Heine Industrial and Armstrong Jones industrial, office and retail property funds for Mercantile Mutual. Michael received a national award in 2009 from the Australian Property Institute for his research into affordable rental housing financing. Michael holds a Bachelor of Commerce (Land Economics), a Graduate Diploma in Property Investment and Finance, a Masters in Applied Science (Building Studies) and is an Associate of the Australian Property Institute. Michael is a registered valuer and licenced Real Estate Agent.

Vince Scully


Vince has over 25 years’ experience in finance and funds management and is a chartered accountant. Vince has held senior roles at Macquarie Bank where he was involved in complex structured transactions, infrastructure advisory and principal transactions and also helped manage Global Infrastructure Fund. Since leaving Macquarie, Vince established Calliva Group which was a pioneer in providing real estate financing products to self-managed superannuation funds. Calliva also managed a number of retail managed funds including a property development fund and a first mortgage fund. Vince holds engineering and math degrees from the University of Dublin (Trinity College) and an MBA from Boston University. He is a Fellow of the Institute of Company Directors.

Lachlan Douglas


Lachlan has 20 years’ experience raising capital for private equity partnerships, infrastructure trusts and other institutional investment offerings. Lachlan was previously a Director of Infrastructure Capital Group and the Managing Director of Principle Advisory Services. Lachlan has advised and acted for many investment managers and financial institutions, including Energy Investors Funds, Kohlberg Kravis Roberts & Co, Bridgepoint Capital, Altius Associates, Townsend Group, Greenspring Associates, Gottex Funds Management, Acadian Asset Management, ABN Amro, VenCap, MLC Investment Management, ANZ Bank, Deutsche Bank, Macquarie Bank, and National Australia Bank. Lachlan holds bachelor and master degrees in engineering from the University of Technology Sydney and a master degree in applied finance from the Financial Services Institute of Australia.

Advisory Committee

Carol Croce

Carol has been at the forefront of community housing policy and operational development in Australia for two decades. Carol is currently working with National Affordable Housing Providers, the peak body of NRAS providers, and is a member of the Executive Committee of Havelock Housing Association. From 2000 to 2015 she was the Executive Director of the Community Housing Federation of Australia and has been a regular member of industry and government roundtables. Carol has more than 35 years’ experience representing social agenda through mediation with governments at all levels for organisations including National Shelter Inc. and Australian Youth Policy and Action Coalition.

Paul Scully

Paul has more than 30 years’ experience in financial services and investment management. Paul is an actuary by training, was Chief Executive Officer for the Asia Pacific region of ING Investment Management and a member of its global board. He has held executive positions in life insurance and retail funds management and directorships in funds management companies. Paul is Managing Director of Decision Horizons and maintains a portfolio of non-executive directorships, including a trustee of a major public sector superannuation fund and a private equity fund-of-funds. Paul has been a director of two listed property trusts.

Les Fallick

Les has more than 30 years’ experience as an adviser, capital arranger and non-executive director. Les started as a lecturer in economics and then worked for the largest union in Australia, government and the private sector. Les founded Principle Advisory Services and has been a non-executive director or chairman of more than thirty companies, including Lonely Planet, Legal & General Asset Management, Gresham Private Equity, Development Australia Fund and Infrastructure Capital Group. Les is Chairman of the Northern Territory Infrastructure Development Fund and was Chairman of the Fred Hollows Foundation from 2010 to 2017.