The contract covers responsive repairs and other work for 3,600 homes in South Devon.
The five-year deal includes the option of two additional extensions to a maximum of four years.
Lovell will provide apprenticeships through the repairs and maintenance programme as well as community initiatives with local schools and training opportunities for long-term unemployed residents.
Lovell is already working with Teign Housing on a separate contract providing gas repairs and servicing.
The Lovell teams delivering both contracts will be co-located at Teign Housing’s head office in Newton Abbot.
Simon Medler, managing director for Lovell’s national repairs and maintenance business, said: “We fully share Teign Housing’s commitment to delivering the highest levels of customer service and efficiency for residents.
“We look forward to building on our strong existing relationship with Teign Housing through this major new contract award which will also boost local communities by creating job and training opportunities.”
Mike Hanrahan, Teign Housing’s chief executive, said: “After a very thorough tender process, which considers quality and value for money, we are pleased to appoint Lovell to undertake this crucial service.
“We are confident that it will further strengthen our ability to meet the ever changing needs of our tenants and we will work closely with Lovell to make sure we maintain a consistent service during the handover period.”