Budget fact sheets 2005 - Housing New Zealand Corporation - increasing state housing
The Government is investing $130.6 million (capital) and $3.7 million (operating) over the next four financial years to provide 1,300 more homes for those in need.
The extra homes, together with those previously announced, will see Housing New Zealand Corporation add 3,288 properties over 2005-09 through its state and community housing build, buy and lease acquisition programme.
State house acquisitions aim to reduce waiting lists and waiting times in areas of high demand, particularly in Auckland. Nearly three-quarters of Housing New Zealand’s increase in properties in the four year period will be in Auckland.
The new funding in Budget 2005 covers price increases such as labour and materials for existing targets for 2005/06 and 2006/07, and the acquisition of additional houses through to 2008/09.
Operating expenditure covers both the costs of leasing properties and the anticipated costs to the Government of income-related rent subsidies.
There is also $10 million in new capital funding to complete the resettlement of the remaining residents from the Kimberley Centre near Levin.
Other housing initiatives funded through Budget 05 include:
- continuation of the Rural Housing programme to address sub-standard housing in rural areas ($22.6 million operating over the next three financial years)
- continuation of the Community Renewal programme to improve housing and social conditions in deprived areas ($7.4 million operating over the next three financial years)
- continuation of the Healthy Housing programme to reduce housing and health risks in overcrowded homes ($2.7 million operating over the next three financial years)
- Housing Innovation Fund ($444,000 operating in 2005/06 to work with Wellington City Council on management of the city’s housing stock)
- Home ownership initiatives outlined in the Securing Your Future package.
