NSW Minister for Planning and Minister for Homes Anthony Roberts said the agreement would initially investigate the potential renewal of two housing estates at Lavington and East Albury.

He said the plan was to create new social housing that "fit-for-purpose, while also providing new opportunities for home ownership in the region"

The agreement would create a pipeline for the Land and Housing Corporation to deliver 540 new social homes and around 700 dwellings for the private market in Albury, between now and 2032.

"The housing landscape has significantly changed since the pandemic, with thousands of people trading the city for the country and regions, which means we need to refine our approach," Mr Roberts said.

"This agreement will see council working hand-in-hand with NSW LAHC to prioritise areas for social housing and fast-track projects to deliver more keys in doors for people in need.

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"Top of the agenda is work to investigate a masterplan for the major overhaul of two housing estates, creating a modern mix of social and private housing, which could go a long way to addressing the supply and affordability of homes across Albury."

Member for Albury Justin Clancy said that included a new 24-unit social housing complex in Alexandra Street, East Albury, with stage one due to go out for competitive tender later this year.

"Once completed, this project will have transformed five ageing properties into 24 new fit-for-purpose housing units that will be home for around 40 residents," Mr Clancy said.

"This agreement means we can see projects like this approved faster and easier, and more often, as we work swiftly to deliver new homes for those who need them most."

Mr Roberts said the execution of the agreement could also mean a boost for the local economy.

"Estate renewals at East Albury and Lavington would be massive projects and could generate millions of dollars in construction activity, which could in turn create jobs for local tradies, consultants and suppliers," he said.

"We're urging businesses and contractors to register on the NSW Procurement system because, if these projects progress, we want to engage with the local market to ensure the money generated stays in Albury."

Albury City Council mayor Kylie King said the agreement was a significant step towards providing improved housing that aligns with community feedback received during the development of the draft Local Housing Strategy.

"Housing affordability and diversity is a real challenge for our region and this agreement will help deliver a range of housing options to meet the needs of our growing community," Cr King said.

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