New Zealand
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

More opportunities for first home buyers and renters

Beehive
30 Jul 2023, 02 GMT+10

The Government's landmark Progressive Home Ownership scheme will reach more potential first home buyers, by allowing existing homes to be bought, Housing Minister Dr Megan Woods has announced.

"Since the PHO scheme was launched in 2020, hundreds of eligible families who would otherwise never have been able to own their own home, have been able to do so when they find new homes to buy, or get a new house built.

"We're changing this to enable people who fit the PHO criteria, to buy existing homes as well. This will increase the choice of homes, including more affordable homes, in more locations.

"We're also increasing the PHO income cap criteria for applicants from $130,000 to $150,000, reflecting recent wage growth, and broadening the income cap exemption for intergenerational families to include larger whnau.

"These changes will allow more people to take up the PHO scheme, which is New Zealand's first such Government-backed initiative.

Introduced in 2020, the $400 million PHO scheme helps people into home ownership, particularly focusing on whnau with tamariki, Mori, and Pacific peoples. So far, 861 homes have been contracted, with 472 households moved in. The scheme is aiming to get at least 1,500 homes contracted by June 2024.

"These changes respond to the house price inflation that has occurred since the scheme's launch which has had an impact on uptake, so will increase options for eligible households," Megan Woods said.

Meanwhile the Government is enabling 92 affordable rentals around the country through six new partnerships under the Affordable Housing Fund.

"These projects are at various stages of development and will be delivered between July 2023 and June 2027 in Auckland, Rotorua, Hastings, Wellington, and Nelson, where there is significant rental stress.

"These partnerships will support and grow the affordable housing sector, who are critical to addressing the needs of New Zealanders who struggle to meet the cost of a market rental, but for various reasons can't access public housing," said Megan Woods.

A second funding round is currently underway with applications being evaluated in August.

ENDS

Notes to Editors

Changes to PHO from 14 August 2023

About PHO

PHO is delivered through three pathways:

More on PHO here.

About Affordable Housing Fund

The Affordable Housing Fund aims to increase the supply of affordable housing by:

More on Affordable Housing Fund here.

Source: Beehive