The ACT will be handed more than $157 million in federal government funding over five years to combat homelessness and build social housing.
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The territory will be required to match the funding, which is part of the Albanese government's new five-year National Agreement on Social Housing and Homelessness (NASHH).
The agreement begins on July 1 and will replace the National Housing and Homelessness Agreement.
Under the new plan, the federal government will provide a total $9.3 billion to the states and territories over five years.
Funding will be flexible for jurisdictions to deliver services that meet the needs of their communities, but will be used to combat homelessness, provide crisis support and build and repair social housing.
The ACT will receive $157.4 million over five years, while Tasmania and the Northern Territory will receive $195.3 million and $290.2 million respectively.
NSW will receive the largest proportion of the funding with $2.82 billion allocated to the state over five years, followed by Victoria which will receive $2.36 billion.
Over the five years, Queensland will get $1.86 billion, Western Australia will get $993.2 million and South Australia will receive $625.1 million.
It is understood the state and territory allocations were calculated with consideration to population share and homelessness data from the 2021 census.
An estimated 122,494 people were experiencing homelessness on census night, the Australian Bureau of Statistics reported.
Minister for Housing and Homelessness Julie Collins said the new agreement would provide much-needed funding to support homelessness services.
"The agreement is another important demonstration of our government's collaborative approach to addressing Australia's housing challenges," she said.
Separate to the NASHH, states and territories will also share in an additional $1 billion through Housing Australia.
The funding will go towards crisis accommodation for women and children fleeing domestic violence.
10-year national homelessness plan under way
The NASHH forms part of the federal government's 10-year National Housing and Homelessness Plan, which is expected to be released this year.
There is a push to legislate a requirement for current and future governments to develop and maintain the plan every decade.
Independent senator David Pocock and independent MP Kylea Tink introduced the National Housing and Homelessness Plan Bill into the upper and lower houses of parliament respectively on Monday.