$1b fund expected to support 60,000 new homes across NZ
The Government has announced how it will spend its $1 billion housing infrastructure fund.
The fund provides councils with money to build roading and water systems and fast-track the construction of new homes.
Here's how many extra houses the Government expects the fund to support:
- 10,700 more houses in Waikato/ Hamilton
- 10,500 more houses in Auckland
- 35,000 more houses in Tauranga
- 3200 more houses in Queenstown
The funding will be allocated across nine projects in five different council areas, Auckland, Hamilton, Waikato, Tauranga and Queenstown.
"The funding will be used to provide network roading and water infrastructure for 60,000 houses across nine projects in these five fast-growing urban areas," Finance Minister Steven Joyce said.
"The infrastructure to be funded includes a new bridge over the Waikato River, a State Highway interchange, arterial roads, water and waste treatments plants, pump stations and reticulation and collection networks, and storm water drainage."
Here's how the money will be allocated:
- Auckland Council gets $300 million
- Hamilton City Council gets $271.9 million
- Waikato District Council gets $36.5 million
- Tauranga City Council gets $229.9 million
- Queenstown District Lakes Council gets $49.6 million
Councils will now work with the Government to agree on detailed funding agreements, resource consents and construction plans. The first homes are expected to be consented early next year and completed by the end of the year.
However, Labour's housing spokesperson Phil Twyford has criticised the announcement as "over-promising with no detail on delivery".
"Bill English and Nick Smith are attempting to pull a fast one. They're claiming specific numbers of houses will be built, but they're not actually providing funding for a single house.
"This is loans for water infrastructure and bridges; National cannot point to a single plot of land and guarantee a house will be built there as a result. Even if Smith’s promises come true for once, they amount to less than 20,000 houses in five years, and just 2200 in Auckland."