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    WEAG Recommendations Progress As of December 2022

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    michael
    HUD is leading efforts to increase affordable housing supply through various initiatives like reviewing land use laws, boosting infrastructure funding, and improving the building consent system. The government is also directly investing in affordable housing development and partnerships. Programs like the First Home Grant and Loan help first-time buyers overcome deposit barriers, while the Progressive Homeownership Scheme provides alternatives to traditional homeownership. Recent changes to KiwiBuild aim to deliver more affordable and medium-density homes.

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    WEAG Recommendations Progress As of December 2022

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    michael
    5K views20 pages
    HUD is leading efforts to increase affordable housing supply through various initiatives like reviewing land use laws, boosting infrastructure funding, and improving the building consent system. The government is also directly investing in affordable housing development and partnerships. Programs like the First Home Grant and Loan help first-time buyers overcome deposit barriers, while the Progressive Homeownership Scheme provides alternatives to traditional homeownership. Recent changes to KiwiBuild aim to deliver more affordable and medium-density homes.

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    WEAG recommendations progress as of December 2022

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    WEAG recommendations progress as of December 2022

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    HUD is leading efforts to increase affordable housing supply through various initiatives like reviewing land use laws, boosting infrastructure funding, and improving the building consent system. The government is also directly investing in affordable housing development and partnerships. Programs like the First Home Grant and Loan help first-time buyers overcome deposit barriers, while the Progressive Homeownership Scheme provides alternatives to traditional homeownership. Recent changes to KiwiBuild aim to deliver more affordable and medium-density homes.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5K views20 pages

    WEAG Recommendations Progress As of December 2022

    Uploaded by

    michael
    HUD is leading efforts to increase affordable housing supply through various initiatives like reviewing land use laws, boosting infrastructure funding, and improving the building consent system. The government is also directly investing in affordable housing development and partnerships. Programs like the First Home Grant and Loan help first-time buyers overcome deposit barriers, while the Progressive Homeownership Scheme provides alternatives to traditional homeownership. Recent changes to KiwiBuild aim to deliver more affordable and medium-density homes.

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    of 20

    IN-CONFIDENCE

    34 Improve access to affordable, suitable housing support for HUD is leading and supporting work to create the foundations for more housing to be delivered where it is needed,
    people on low and low–middle incomes, including a range of with a greater variety of typologies and prices to meet diverse needs. This includes:
    affordable home-ownership products and papakāinga housing.
    • Comprehensive review of the Resource Management Act and implementation of the National Policy Statement
    on Urban Development (NPS-UD), and Medium Density Residential Standards to free up more land for housing.
    • Infrastructure Funding and Financing Act, which makes it easier to fund and finance the infrastructure required
    to support new developments.
    • Comprehensive review of the building consenting system to unlock productivity growth and making houses more
    affordable.
    • Boosting sector capacity and capability through initiatives such as the Construction Sector Accord, Immigration
    Rebalance and extension of the Apprenticeship Boost to further support trades training.
    • Changes to tax settings to make the tax system fairer for owner-occupiers by reducing demand from
    speculators and investors, while maintaining demand for new housing.

    The Government has also scaled up direct investment in infrastructure provision, government-led development, and
    partnerships to deliver more affordable homes. These initiatives are necessary complements to the Government’s
    public and transitional housing delivery (see update on Recommendation 29), representing the diversity of barriers,
    opportunities and needs across the housing system.

    First Home Buyer Support

    The First Home Products support eligible first home buyers to overcome the deposit barrier. The First Home Loan
    reduces the minimum deposit requirement to five percent, which is lower than what is normally required by banks.
    The grant provides a subsidy of up to $10,000 per person to put towards the deposit. In May 2022, changes were
    made to the First Home Products to increase uptake, make buying a home more accessible to first home buyers, and
    target groups with lower uptake; that is Māori, Pacific peoples, and individual buyers with children or dependent adults
    in their household. In 2021/2022, 5,760 grants were paid, and 650 homes were bought using the loan, however
    Budget 2022 funding enables an additional 7,000 grants and 2,500 more homes bought using the loan.

    The Progressive Homeownership Scheme has also been established to help between 1,500 and 4,000 low to middle
    income households to access shared ownership, rent-to-buy, or leasehold arrangements to step into home ownership.

    On 19 July 2022, the Government announced changes to its KiwiBuild programme. Updated price caps will enable
    delivery of more modest sized and medium density homes which will help to address housing shortage and put
    downward pressure on house prices. Changes to income caps and additional exemptions to KiwiBuild price caps for
    larger and accessible homes will assist more single parents, people with accessibility issues and larger, potentially
    intergenerational families.

    Access to affordable rental housing

    The Kāinga Ora Land Programme progressed its first acquisition in 2021 with the $70.4 million purchase of Ferncliffe
    Farm in the priority-growth area of Tauranga’s Tauriko West and will enable delivery of approximately 1,000 more
    homes in Tauranga.

    The implementation of the Homelessness Action Plan is driving new housing supply for Māori, including through
    partnering with Iwi, hapū and marae and providing funding to Māori Community Housing providers to increase supply
    (for example through He Taupua funding).

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