July 24, 2020
Progressive Home Ownership fund unveiled
Auckland’s Housing Foundation and Queenstown Lakes Community Housing Trust have been named as the first providers for the Government’s new $400 million Progressive Home Ownership scheme.
Housing Minister Megan Woods says they will support the first 100 low to medium income families who are struggling to pull together a deposit, or pay a mortgage, into home ownership.
Māori, Pacific people, and families with children are priorities for the fund, which will focus on areas where housing affordability is most severe.
There is a strong preference for new houses to build supply.
Progressive home ownership could include shared equity or ownership, where a household owns part of the home and over time buys the rest for a third party such as a housing provider or the Crown, rent to buy, ore leasehold, where a provider retains ownership of the underlying land until the homeowner is able to buy it.
Providers in other areas will be named soon.
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