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Infrastructure in growing suburbs and regional communities alike are about to receive a glow up. Victoria is on track to receive a $350m grant from the federal government to improve our city’s infrastructure and liveability.
The funding comes after a warning was issued by former New York mayor, Bill de Blasio, saying that Melbourne’s new developments need to have 25 per cent mandated affordable housing in order to address our city’s housing crisis.
“A city without enough affordable housing will simply fail,” de Blasio said in his keynote, as reported by The Age.
Victoria already has a voluntary 10 per cent affordable housing scheme for fast-tracked projects, and developers can skip it by paying a 3 per cent fee to the government housing fund.
The former New York mayor spoke at the Melbourne Assembly Civic Forum yesterday, held at Federation Square from October 19-21. He spoke alongside Prime Minister Anthony Albanese, who shared the news that Victoria is the “first state to formally sign up to our New Homes Bonus”, a federal scheme that rewards states for building homes.
“Already, Victoria is on track to receive an additional $350 million under the New Homes Bonus. Funding that can then be reinvested into local infrastructure that supports the state’s growing suburbs and regions,” the PM said.
The National Housing Supply and Affordability Council is responsible for the new modelling the bonus is based on. It highlights that while Victoria is behind on its annual quota for new dwellings built across the state by approximately 6,000, an acceleration in construction is expected to bring 287,000 new homes by July 1, 2029 – 32,000 homes above Victoria’s minimum target.
“This program is open to every state and territory – and I encourage them to follow Victoria’s lead,” Albanese said.
What the $350m will pay for exactly is yet to be announced, with the PM saying more information will be coming shortly.
“A little later this week, my government and the Victorian Government will have more to say on deepening our partnership to bring new homes to market. Particularly for first home buyers,” Albanese said during his speech at the Melbourne Assembly Civic Forum.
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