Govt makes KiwiBuild loans easier, drops 100,000 homes target
The policy 'reset' announced today by Housing Minister Megan Woods includes a win for the Green Party, with the creation of a new 'shared ownership' initiative that will allow a would-be homeowner to buy part of a house, in partnership with "long term institutional investors", including community housing providers and iwi.
Some $400 million of the $1 billion KiwiBuild revolving fund will be ear-marked for this initiative, which roughly matches the widely held expectation that the policy reset would include the 'rent-to-own' scheme promised to the Greens in the confidence and supply agreement signed with the Labour Party to help form a government after the 2017 election.
"This new scheme will help struggling families buy a share of a house, reducing both the deposit needed to get a mortgage, and their repayments," Green Party leader Marama Davidson said in a statement.
The reset still firmly backs KiwiBuild's original concept of encouraging New Zealanders into home ownership rather than renting, and has two key new ways of helping that happen.
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