The Acton Waterfront is set to receive a massive boost, with the Federal Government investing $2.25 million dollars into the project.

Member for Canberra Alicia Payne making the announcement, saying that the funding will assist in the development of a nationally significant mixed-use Acton Waterfront precinct.

Ms Payne says the project will also significantly increase housing supply and choice by delivering 975 homes along light rail corridors, including a mix of tenures with at least 15 per cent affordable housing.