The Victorian Government has committed $5.3 billion dollars to its Big Housing Build as part of the state’s 2020-21 Budget.
The Big Housing Build will provide 12,000 new homes across Victoria and support 10,000 jobs per year across the next four years.
The investment is designed to bolster the state’s economic recovery from the COVID-19 pandemic and beyond.
“This will change lives – giving thousands of Victorians the security and stability of a home, and tens of thousands of Victorians a job,” Victorian Premier Daniel Andrews said.
It is expected to boost the state’s social housing tally by 10 per cent within the four-year period.
In total, the Build will provide 9300 social housing homes and replace 1100 old public housing units.
An additional 2900 affordable and low-cost homes will be built to assist low-to-moderate income earners.
Regional Victoria will receive 25 per cent of the $5.3 billion funding.
The Victorian Government expects the Big Housing Build to support a peak of more than 18,000 jobs and provide opportunities for new workers, with 10 per cent of major project works to be done by apprentices, cadets and trainees.
Government agency Homes Victoria has also been established to deliver and manage public housing.
“We’re delivering the biggest investment in social housing Victoria has ever seen – we’re not just investing in bricks and mortar, but the lives of Victorians for decades to come,” Minister for Housing Richard Wynne said.