nov 16, 2012 - Hobsonville Point - affordable housing quota reintroduced

Description:

The Government announced that 20 percent of the 2,500 to 3,000 new homes at Hobsonville Point would be designated as affordable homes meaning that 500 to 600 new affordable homes would be constructed. Under the inflation-adjusted targets, of all homes built at Hobsonville Point:
• 10 percent would be sold for less than $400,000; and
• 10 percent would be sold for between $400,000 and $485,000.
It was up to the Hobsonville Land Company (a subsidiary of Housing New Zealand Corporation) how it achieved the targets in a commercial development environment, but the Government provided the Company with greater flexibility around accelerating development to bring more supply to the market faster. It was envisaged that the Company would introduce a scheme to prioritise home-ownership access to some of the houses.
The initiative was intended to add to Auckland’s housing supply and to demonstrate innovative commercial market-based solutions to deliver affordable housing.
In 2009, 100 of the 3,000 houses in the Hobsonville Point development were designated as affordable under the Gateway Housing Scheme, designed to assist lower income families into home ownership. Under the scheme however, only 17 were sold.


Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html

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