The New South Wales Parliament has passed a bill that enables the Government to establish a fund for social and affordable housing in the state.NSW Treasurer Gladys Berejiklian said the Social and Affordable Housing Fund would be set up with A$1.1 billion in seed capital from the Government's investment arm Tcorp.In its first phase it will target delivery of up to 3000 additional social and affordable homes.The NSW Government announced in January that it would establish the fund and has already taken proposals from the private sector.Berejiklian said: "At present social housing developments face a funding gap between the rental stream they receive from tenants plus government subsidies and the revenue required to sustain a commercially viable project."The Social and Affordable Housing Fund will provide a long-term revenue stream to plug this gap and encourage private and non-government organisations to team up to develop housing projects."She said that because the fund was established in legislation its structure was "ring-fenced", quarantining the funds for their legislated purpose. Investment returns from the $1.1 billion will cover rental gaps, as well providing associated services, such as tenancy management and support services.