Affordable Housing Fund
The Affordable Housing Fund will support the development of new, affordable homes for low-to-moderate income people and whānau, in locations facing the biggest housing supply and affordability challenges.
The $350 million investment will help grow the affordable housing sector, which is critical to addressing the needs of New Zealanders who struggle to meet the cost of a market rental but can’t access public housing.
The Affordable Housing fund has two pathways, the Affordable Rental Pathway, and the Build-ready Development Pathway.
Affordable Rental Pathway
The Affordable Rental Pathway offers grant funding to not-for-profit organisations to deliver newly built affordable rental housing.
It’s often too expensive to build or sustain new housing and offer rent at a rate that is affordable for lower income people and whānau. The Affordable Rental Pathway helps to address this by offering funding to make these projects financially viable.
These affordable rental homes will be for lower income people and whānau who can’t afford market rent but can’t access or don't need public housing.
Not-for-profits include organisations such as community housing providers, iwi and Māori housing providers, councils, and charitable trusts.
Build Ready Development Pathway
The Build Ready Development Pathway helps to secure affordable housing in build-ready developments that might not go ahead without government support.
For eligible build-ready developments, where construction hasn’t started, we can work with developers, by either:
- purchasing land under a government land acquisition programme; or
- prepurchasing or underwriting homes ‘off the plans’ to reduce risk for developers and their financiers.