$24.4m housing boost
A $24.4 million funding boost for Auckland’s social housing will help ease pressure on the city’s ‘‘extremely tight’’ housing market, Social Housing Minister Paula Bennett says.
The funding will allow community housing providers to receive a grant worth 50 per cent of any new social housing they build, or a weekly grant of up to 50 per cent of a property’s market rent.
The announcement comes after the news that the average Auckland house price has officially hit the $1 million mark.
Organisations leasing private properties for social housing can also receive a grant worth up to 50 per cent of the market rent.
Bennett says the funding, in addition to $120 million allocated for Auckland social housing places in the 2016 Budget, would help community housing organisations to create more social housing at a faster rate.
‘‘We know the property market is extremely tight in Auckland at present, and it is no different for those organisations helping to house our most vulnerable citizens.’’
The money would largely go towards one and two-bedroom houses, as well as larger properties. Bennett says the funding showed the Government was taking the housing shortage seriously.