June 20, 2021
Ngati Toa eyes leasehold to put members on property ladder
Ngāti Toa Rangatira is buying a 24 apartment property in Titahi Bay from the Porirua City Council with the intent of helping its members into homeownership.
Chief executive Helmut Modlik says 11 of the apartments have been refurbished, with the remaining 13 still needing work.
He says the rūnanga hopes to make homeownership affordable by offering low-cost annual land lease agreements in perpetuity while allowing members to buy units.
The land will remain an iwi asset, but unit owners will be free to make home improvements and build the value of their privately owned asset.
He says Ngāti Toa intends to buy more properties on similar terms, and it will also invite iwi tradespeople to tender to work on the properties.
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