22 mars 2003 - Auckland City Council pensioner housing sold to Housing New Zealand Corporation

Description:

Ownership of Auckland City Council social housing was transferred from the Council to the Housing New Zealand Corporation. The housing included:
• 1,542 pensioner rental units on 50 sites with a book value of $101 million; and
• 129 residential units with a book value of $31 million.
Housing New Zealand Corporation paid $83 million for the two portfolios. For the Council, the deal allowed an exit from the social housing market and relieved ratepayers of approximately $75 million of housing upgrades and maintenance costs over the following 20 years.
The agreement guaranteed accommodation for life for all of the Councils’ existing pensioner tenants and for Housing New Zealand Corporation to invest $75 million over the following five years to upgrade or redevelop existing properties. All existing tenants became eligible to apply to the Housing New Zealand Corporation for an income-related rent.
The agreement had been approved by the Auckland City Council in October 2002 and by the Cabinet in September 2002.

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