Minister for Social Housing and Homelessness Mark Arbib said Larissa Avenue was funded under the government's $5.6 billion Social Housing Initiative.
It assists low income Australians who are homeless or struggling in the private rental market.
Senator Arbib said the development featured 80 units, 46 three bedroom units, 34 two bedroom units and incorporated six-star energy rating and universal design principles.
"A unique feature of this development is the involvement of all residents in the care of the common lounge and extensive landscaped areas," Senator Arbib said.
"This will help build a stronger sense of community and ensure that all residents are able to participate in and make a contribution to their broader home environment.
Senator Arbib said community housing provider, Common Equity Housing and the private developer, Erdi Group where involved in proposing and delivering the housing project.
Member for Deakin Mike Symon said Larissa Avenue was part of 141 new Social Housing Initiative dwellings earmarked for construction across the Deakin electorate – 131 of these have been completed.
The Australian Government has also completed repairs and maintenance to 97 existing homes in need of work in Deakin.
"Larissa Avenue has also helped to create jobs in the Ringwood area boosting the local economy,” Mr Symon said.
“Across Australia 15,000 jobs have been supported under the Social Housing Initiative nationwide."
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