Housing crisis: Commonwealth, states to throw $3bn toward Future Fund to fast-track 5000 more social homes
An extra 5000 social homes will be built through $3 billion in joint funding as part of a fast-tracked round of Labor’s signature housing policy.
Housing Minister Clare O’Neil will announce a new partnership with the states and territories to deliver the additional homes under the Housing Australia Future Fund.
The fund will support the delivery of 20,000 social and 10,000 affordable homes.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.It follows the first investment through the housing fund, announced in September, to deliver up to 13,700 social and affordable homes.
The extra capacity is expected to alleviate rent pressures and help thousands of vulnerable Australians get into social housing.
The second round of funding will seek states and territories that can rapidly deliver more housing through contributions such as offering new land.
The jurisdictions will be encouraged to partner with community housing providers and will have to show the projects add to new housing stock.
Money will be provided on a “use it or lose it basis”.
Applications for state and territory governments to submit projects will open this week and close at the end of January.
The federal government will also fast-track the third round of the Housing Australia Future Fund, with applications to open in mid-2025.
The government has asked Housing Australia — the nation’s independent housing agency — to set up a working group with peak community housing bodies to help engagement with the sector.
Ms O’Neil said the way out of the nation’s housing crisis was to build.
“While we’re working with states, territories and industry to bring tens of thousands of homes online as quickly as possible, Peter Dutton is promising to scrap Labor’s housing fund and the 30,000 homes that come with it,” she said.
“This partnership is about building thousands of homes quickly, and it’s one part of Labor’s ambitious plan to build more houses right across Australia, making housing more abundant and affordable.”
