NZ Urban Development news from the media | 15 November 2022 | New financing arrangements to continue to deliver Kāinga Ora build programme


Hi *|FNAME|*, Please find below Urban Development News from the media from the week of 15 November 2022.

Provided by Rockhopper Development Management & Advisory, a member of:                             

New financing arrangements to continue to deliver Kāinga Ora build programme

“In the last five years Kāinga Ora has delivered over 8,370 newly built homes, over 900 retrofits and is overseeing the biggest urban development programme since the 1970s, with programmes like Large Scale Projects,” Megan Woods said.

“To ensure Kāinga Ora can expand this work further, Cabinet agreed to increase Kāinga Ora’s borrowing capacity by NZ$2.75 billion for FY2022/23. This, along with all future financing requirements of Kāinga Ora, will be met by loans from NZDM,” Grant Robertson said.

Cabinet has agreed it makes more sense for Kāinga Ora to borrow from the Crown’s New Zealand Debt Management (NZDM) as it’s cheaper and provides more certainty than borrowing from private sources.

Currently, Kāinga Ora issues bonds in the private market, borrowing the capital cost of its build programme to build new public housing and retrofit existing homes and then uses the future revenue to service interest costs and make interest payments. Private market borrowing has allowed Kāinga Ora to kick-start housing delivery under the Government build programme, and with housing delivery now well underway it is time to make the move to Crown borrowing.āinga-ora-build-programme

More funding to enable a brighter future for eastern Porirua

Housing and Urban Development Minister Megan Woods announced Government is committing a further $204 million from the Housing Acceleration Fund to the eastern Porirua large scale project.

This brings the total investment for the project to $340 million, following initial funding allocation last year.

Highlighting the scale of the work being carried out in the Porirua Development, the announcement was made at the Esk Development site in Porirua, where infrastructure work is well underway to support the delivery of around 100 homes on the site.

Increased investment in Large Scale Projects through the Housing Acceleration Fund aims to accelerate the pace and scale of housing delivery on these developments and opens up extra housing opportunities for surrounding land owners and other developers.

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