Shaun Leane, Member for Eastern Metropolitan, has welcomed the Andrews Labor Government’s new plan, which provides more support to social housing organisations to build, buy and rent more homes for vulnerable Victorians.

For the first time ever, organisations will be able to utilise a $1 billion fund and access low interest loans using the borrowing power of the Victorian Government.

Announced today, the practical changes mean more social housing than ever for those in Eastern Metropolitan Region who need it most.

The $1 billion Social Housing Growth Fund, a collaboration between government, the private and philanthropic sectors, will provide dedicated assistance to community housing associations to help support up to 2200 households.

Set up using capital provided by the Government, the returns will be used as a funding stream to build new social and affordable homes, and subsidise rent for Victorians in need of housing assistance.

At the same time, the loan program – the first of its kind in Australia – will allow registered housing associations to borrow funds for new homes at a lower interest rate.

By acting as guarantor, the Government will help these associations spend less on interest, and more on helping Victorians in need.

The Victorian Government invests over $20 million in Outer Eastern Melbourne for housing and homelessness support for Victorians in need.

The Government will also push the Commonwealth for a long term commitment to the National Affordable Housing Agreement, with modelling showing their cuts would mean Victoria would lose $360 million and 56,000 Victorians denied access to homelessness services.

This announcement kicks off the rollout of the Andrews Labor Government’s housing strategy.

Quotes attributable to Shaun Leane MP

“This investment will mean locals in the Eastern Metro Region will be able to access more housing.”

“It’s about supporting housing organisations to be able to spend less on interest, and more on helping Victorians in need.”

“I encourage our local Liberal member Michael Sukkar to work with us to ensure a commitment from Malcolm Turnbull which will see even more people able to access safe, secure and affordable housing.”