Otago Property Investors Association Inc
Social Housing Minister Amy Adams announced that the Government’s Crown Building Project will replace 8300 old, rundown houses in Auckland with 34,000 brand new purpose-built houses over 10 years. 24,300 of these will be built by Housing New Zealand through their Auckland Housing Programme.
Over the next ten years, the Crown Building Project will deliver around:
“This is a significant undertaking for the Government, for taxpayers, and for our Social Housing reforms. It’s the equivalent of three and a half new houses on every street across Auckland,” Ms Adams says.
“These houses will be for our most vulnerable families, for first-home buyers, and for the wider market. We are building more social houses for Aucklanders and helping provide a pathway into independent, affordable housing.
“The Crown Building Project is the Government making the most out of the available residential land it owns to meet Auckland’s social housing needs.
“These 34,000 new houses are a substantial redevelopment and construction programme on a scale not seen since the 1950s.
Phase one of the Auckland Housing Programme, which covers the next four years, will cost $2.23 billion and will be funded through Housing NZ’s balance sheet and new borrowing of $1.1 billion that the Government has approved as part of the business case. Phase two in the latter years will be funded through the market housing development part of the programme and rental returns.
Ministers have also agreed that Housing New Zealand will retain dividends and proceeds from state house transfers, to help fund the building programme.
“Our plan to build 34,000 new homes over the next ten years has been carefully scoped and designed, is fully funded, and builders are on site getting on with the programme already.”