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Gateway to improve housing affordability
Gateway to improve housing affordability
Housing Minister Phil Heatley has today launched a new programme which will make it easier for first-time buyers and those on lower incomes to build or purchase their own homes.
Gateway Housing Assistance allows purchasers to build or buy a property but defer payment on the land.
“It is important the Government provides opportunities for people to move into home ownership. Affordable homes schemes such as Gateway is another way we can assist more people into a home of their own,” says Mr Heatley.
“Under Gateway full and final payment for the land can be deferred for up to ten years. This ten year period allows people on lower incomes to concentrate on designing and building, or buying, their homes before they assume the additional burden of paying for the land,” says Mr Heatley.
Community housing organisations are being actively targeted for the scheme as they will be able to develop the land and use the favourable capital and interest repayment terms to build even more affordable housing.
So far 30 suitable parcels of Crown or Housing New Zealand land have been identified and made available for the scheme.
Mr Heatley launched Gateway today in Porirua, where Habitat for Humanity has undertaken to develop two sections in Beauzami Crescent into three, to create affordable housing opportunities.
“Gateway will be yet another tool in the affordable housing tool-box. The Government already supports housing affordability through a number of other measures including Kiwisaver First Home Deposit Subsidy and the First Home Withdrawal, Welcome Home Loans, the Housing Innovation Fund and the Tenant Home Ownership Programme.
“We have also cut unnecessary bureaucracy and red tape to streamline building processes, which reduces the cost of building for everyone,” says Mr Heatley.
Further details on Gateway Housing Assistance and information about how to register for available land can be found at www.hnzc.co.nz/gateway , or individuals can register to find out via email: gateway@hnzc.co.nz .
ENDS
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