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Of that total, $37m will go into providing 1500 shorter-term houses, which should be in place by the end of winter.
The other $63m will be used to significantly ramp up the Housing First Programme, which is a longer-term solution and targets the most vulnerable families in the country.
Housing First is based on the idea that people should be placed straight into permanent housing, rather than emergency shelters, before any other issues such as addiction or mental health are addressed.
The new money will expand the programme to another 550 households outside the main centres, at a cost of $42.9m. The remainder of the $63 million will be used to sustain and expand Housing First services – such as mental health treatment.
Prime Minister Jacinda Ardern and Housing Minister Phil Twyford made the announcement at Te Puea Marae in Mangere, which took on large numbers of homeless in recent years as the problem worsened.
Twyford said Housing First aimed to end homelessness, not just manage it.
"It is a programme for the most vulnerable people and families - those who are really struggling with long-term homelessness or facing multiple and complex needs."
Originally from Canada, the programme was adopted by the previous National Government. The Labour coalition's new investment will massively expand it.
The funding for short-term, emergency housing includes nearly $8m for putting homeless into motel units.