The Government launched a $400 million scheme on Friday to support progressive home ownership.
Housing Minister Megan Woods said the Housing Foundation in Auckland and Queenstown Lakes Community Housing Trust were the first providers which would sign up households for access to the scheme.
She expected to name more providers in other centres soon.
In the first phase, the scheme will support 100 low to median-income families struggling to pull together a deposit or pay a mortgage.
“The fund will focus on areas where housing affordability is most severe, with a strong preference for new houses to build supply.
“It will help up to 4000 families who could not otherwise afford home ownership. We expect to see the first group of families in their own homes by November this year.”
Dr Woods said the fund’s priority was to support families where housing was severely unaffordable, households which couldn’t buy without this help, and Maori & Pacifika people.
Progressive home ownership providers already offering support services such as budgeting advice will have their funding “scaled up”. Dr Woods said a specific focus on better housing outcomes for Maori would be part of that approach.
The fund also includes an initiative through Kainga Ora for households with an annual income under $130,000 to receive shared ownership support directly from the Government.
The progressive home ownership fund is part of the Green & Labour Parties’ confidence & supply agreement.
Attribution: Ministerial release.