More than $2 billion in social housing support will be released from today by the Andrews Labor Government, to ensure thousands more people have a roof over their head.
Minister for Housing Martin Foley joined Treasurer Tim Pallas to announce the opening of bids for the Victorian Social Housing Growth Fund and more support for the community housing sector through affordable finance.
The Social Housing Growth Fund will create an investment pipeline of new social housing, with the dedicated billion-dollar fund helping to ensure there are more affordable homes for Victorians year after year.
Over the next five years the Fund will create up to 2,200 new social housing places through the construction of new dwellings and leases.
A series of tender processes will be run in relation to two programs funded by the Victorian Social Housing Growth Fund – the Build and Operate Program and the New Rental Developments Program.
Access to affordable finance on the right terms can be a significant hurdle for community housing organisations – that’s why the Labor Government is investing in the support community housing associations need to grow.
Eligible community housing organisations will have access to $1.1 billion in low interest loans and Government guarantees. Community Housing organisations will now be fully supported to deliver the big social housing developments Victoria needs.
Both projects are part of Homes for Victorians, the Labor Government’s comprehensive plan to make housing more secure and affordable.
Quotes attributable to Minister for Housing Martin Foley
“The Victorian Social Housing Growth Fund is the long-term financial commitment that will deliver real improvements to the supply of social and affordable housing in Victoria.”
“It will continue the Andrews Labor Government’s record investments to combat homelessness and grow social housing numbers in the face of the Turnbull governments cuts to social housing.”
“We look forward to seeing what communities, Councils, philanthropic partners and housing agencies propose to help us deliver over 2000 social units for those in our community who are most in need.”
Quotes attributable to Treasurer Tim Pallas
“Facilitating partnerships between the housing and private sectors, will provide more housing for Victorians in need.”
“Social housing is a key part of building stronger communities – that’s why growing and improving social housing stock is so important.”
Reviewed 19 August 2020