Asset renewal program

The $500 million Asset Renewal Program, announced in the May 2007 budget papers  is increasing the supply of well-designed public and affordable rental housing in Victoria.

Currently, much of Victoria’s public housing is aging - more than 30 per cent of our homes are now over 30 years old.

Many homes were also originally built to accommodate families. These larger homes do not meet the needs of the increasing numbers of single people, smaller families and older people looking for affordable rental housing today.

Across Victoria ageing and under-utilised public housing that is no longer meeting the needs of tenants is being redeveloped or sold.

Funds raised from the sale of properties are being directly reinvested into developing public housing in areas of higher demand.

The program will see the redevelopment or purchase of around 2,350 affordable rental homes for low-income Victorians.