Housing Australia has broken new ground with its largest funding transaction ever, providing more than $500 million in Federal Government support to build 1,370 new homes in Melbourne.
This historic investment is another example of the Albanese Government’s reform agenda helping to tackle Australia’s housing challenges.
The $517 million transaction will help build new homes through the Victorian Government’s Ground Lease Model initiative, and will include more than 650 social homes, 180 affordable homes, 470 market rental homes and 55 specialist disability accommodation homes.
The new homes – to be located in South Yarra, Prahran, Hampton East and Port Melbourne - will replace more than 500 outdated social dwellings.
The Housing Australia funding comprises a loan facility of $422 million through the Affordable Housing Bond Aggregator and $95 million via the National Housing Infrastructure Facility, which will enable critical infrastructure works.
Housing Minister Julie Collins said the Albanese Government would continue to work with states and territories to deliver its ambitious housing reform agenda, which also includes:
2 November 2023.