The Victorian Government has announced a new zoning levy for all new developments of three or more properties. This levy will contribute to funding new social and affordable housing that it is expected to deliver over 1,000 new homes a year for those most in need. We welcome this announcement of the Social Housing Growth Fund which is expected to raise approximately $800 million per year.
Along with this announcement the Government will implement a reform on rates for all social housing that will commence July 2023 and will be phased over four years. This will not include affordable housing. The rates exemption will see a saving of $54 million a year and these funds will be reinvested back into public housing for much needed maintenance and upgrades to homes.
You can read the Government’s Social Housing Growth Fund here.