Almost $900 million investment takes total social housing budget to $4.4 billion

24 November 2020

Almost $900 million will be invested as part the 2020-21 NSW Budget to build and accelerate thousands of new homes and create up to 3,000 jobs for the people of NSW, as part of the Government’s stimulus and COVID recovery plan.

This Budget includes $812 million for new and upgraded housing across the State and $80 million to support new housing sector pre-apprenticeships, apprenticeships and cadetships, and help deliver 100 new social homes.

This new funding takes the total NSW Government investment in social and affordable housing to $4.4 billion over four years.

This includes $400 million for a new Fast-Track Housing Construction Package to boost the State’s economic recovery from COVID-19.

The Fast-Track Package will deliver almost 1,300 new social homes across the State, supporting an estimated 800 direct and 1,200 indirect jobs during construction. In addition, the program will create 1,000 land lots to be provided for sale to build new private homes.

Treasurer Dominic Perrottet said this was the largest State Government investment in new social and community housing for more than twenty years.

“We’re investing $812 million not only to create a new building boom in social housing but also to upgrade existing homes, which will create thousands of small jobs and projects for local tradies and importantly, improve the comfort of properties for tenants,” Mr Perrottet said.

The package includes:

Minister for Water, Property and Housing, Melinda Pavey said the Budget will help get more people into work while delivering much needed social housing to give hand to those who need it most.

“We’re not just building hundreds of new homes to support disadvantaged and vulnerable people, we’re also creating critically important jobs to support the economic recovery of the state through the construction industry,” Mrs Pavey said.

“This investment will accelerate affordable housing supply, while boosting vital trade and valuable flow-on market activity.”

 

--ENDS--

 

Source:  NSW Government - www.nsw.gov.au

Date of Original:  17 November 2020

Contact:  N/A

External Links:  N/A

Recent news by:  NSW Government

 

ONLINE PROFILE