MAYOR GOFF WELCOMES NEW INFRASTRUCTURE FUND
Auckland Mayor Phil Goff and Deputy Mayor Bill Cashmore have welcomed the Government’s announcement today of a new
infrastructure investment vehicle.
“Funding provided through a Crown Company, Crown Infrastructure Partners, will enable Auckland to speed up the
construction of thousands of new homes in our city,” Phil Goff said.
“Earlier this year we took to Government the concept of a Special Purpose Vehicle to fund infrastructure in a way that
recognises constraints on further Council borrowing.
“Under this vehicle we have lodged proposals with Government that would enable us to bring forward construction of
around 23,300 new homes in South and North Auckland, much earlier than would otherwise be possible.
“The announcement of the SPV was made in Drury today because this area will be the likely first recipient of initial
funding with 700 homes planned.
“The initial investment of $387 million in transport and water infrastructure in Drury South and West, Paerata and
Pukekohe will enable the construction of 17,800 dwellings much earlier than would otherwise be the case.
“A further major development will be around Wainui in north Auckland with $201 million in infrastructure funding
required for an additional 5,500 dwellings.
“The new investment vehicle will provide capital from Government and the private sector which will not be debt on
Council’s books. It will be funded through development contributions and targeted rates within the new housing
developments.
“Auckland is growing by 45,000 new residents a year and requires unprecedented levels of infrastructure growth to keep
up with demand.
“Increasing the supply of housing is a critical part of overcoming our housing shortage and slowing price rises caused
by demand exceeding supply of housing,” Phil Goff said.
“The new Unitary Plan ensures there is adequate land, green and brownfield, to meet demand, but infrastructure servicing
that land is necessary for homes actually to be built.
“SPVs are another tool in our toolbox to enable us to lift the scale and pace of new housing development,” the Mayor
said.
ENDS