Topic: Housing

No decisions yet on foreign investment in Tāmaki Regeneration Project

The Minister responsible for Housing in New Zealand says no decisions have been made yet in regards to foreign investors being able to purchase homes under the Tāmaki  Redevelopment Company Regeneration Project.

The Regeneration project will see the government transfer 2,800 houses to the Tāmaki Redevelopment Company (TRC) as part of its plan to add 5000 more to the Auckland housing stock.

As well as 1.2 billion worth of property the government will loan TRC $200 million over five years.  

Over half of the new houses will be sold to help offset construction costs, and the remainder will be retained as social housing.  

Currently there are almost 8000 predominantly Māori and Pacific people living in those homes. 

When Bill English was asked if foreign Investors would be able buy those houses or if it would be limited to New Zealanders on Native Affairs last night, he said, “Well look there’s no decisions made yet about the full on development plan. I would imagine that any buyers there are subject to the same rules as anyone else in New Zealand, but the important thing here is we are not going to let those fears which need to be dealt with stop change in Tamaki.”

According to the Minister a limit on how much land will be sold has not yet been negotiated either.

Peter Fa’afiu from the Tamaki Redevelopment company says his organisation has been in operation for 2 and a half years and has re-developed 11 houses in partnership with Housing New Zealand.

Fa’afiu told Native Affairs, he is confident his organisation will be able to meet the demand and ensure adequate housing for families who currently occupy the homes in question.

He says, while the company currently lacks experience in terms of tenancy management, “the shareholders which include Len Brown, Nick Smith and Mr English have guaranteed that as long as you are in need of a social home you will have the opportunity to remain in a social home.”