The Federal Government is fighting hard to set up its housing fund. 

Labor has made what could be a final attempt to secure support from the Greens for a bill aimed at constructing social and affordable housing.

In May, Prime Minister Anthony Albanese outlined the planned $10 billion Housing Australia Future Fund (HAFF), which would use its profits to build 30,000 affordable homes.

The plan is to invest the $10 billion and then spend the earnings, up to $500 million a year, on affordable and social housing projects.

Albanese said the fund would build 20,000 social housing properties, 4,000 of which would be allocated for women and children fleeing domestic violence, and for older women on low incomes at risk of homelessness, while another 10,000 affordable housing properties would be made available for frontline workers.

In a new letter to the crossbench, Housing Minister Julie Collins has pledged a minimum annual disbursement of $500 million from the Housing Australia Future Fund starting in 2024-25. 

The proposal also allows the treasurer and finance minister to increase the amount by regulation, making it a minimum rather than a maximum. 

However, the offer falls short of the Greens' request for up to $2.5 billion in direct spending on housing and additional funds to incentivise rent freezes by states. 

Greens spokesperson Max Chandler-Mather has criticised the offer, stating it still fails to address the urgent need for investment in public and affordable housing. 

The Greens will have the final parliamentary sitting fortnight to decide whether to support the bill. 

Despite opposition from the Greens, Labor has secured backing from state and territory housing ministers, the Jacqui Lambie Network, and Senator David Pocock. 

Housing Minister Collins defended the government's investments in new housing initiatives and highlighted additional concessions offered to the crossbench.