This was announced Friday, by the UN special coordinator for the Middle East, Robert Serry, according to a Xinhua report.
The homes were damaged in the recent 51-day conflict in Gaza.
"The (Palestinian) government of national consensus will soon make a separate announcement on the process to access the building materials," UN spokesperson Stephane Dujarric said at a daily news briefing.
"As part of the understanding, materials procured under the mechanism may only be used for their intended purpose, and the UN will undertake spot checks to monitor compliance," Dujarric said, citing Serry.
"Serry added that the UN will undertake every effort to assist the Palestinian government of national consensus in reconstructing Gaza, including financial support to homeowners, but cautioned that existing resources are insufficient," the spokesperson added.
According to a recent UN assessment, more than 100,000 homes were damaged or destroyed, affecting over 600,000 people. Many people still lack access to the municipal water network. Blackouts of up to 18 hours a day are common.
In addition, the violence killed more than 2,100 Palestinians, including more than 500 children, and over 70 Israelis.
Serry emphasised the UN's commitment to assist the Palestinian government of national consensus in its reconstruction efforts through direct financial support to homeowners in need.
However, he said that the existing resources were largely insufficient, particularly as pledges made at last month's Cairo International Conference, amounting to about $2.1 billion were slow to arrive.
The special coordinator called on all parties concerned to lend their full support to enable the mechanism to operate at the required scale, in the interests of the affected population in Gaza.