Progressive Home Ownership (PHO) Fund is creating more opportunities for first home buyers
- Progressive Home Ownership
The Progressive Home Ownership (PHO) Fund is creating even more opportunities for individuals, families and whānau to purchase their own homes.
Today, Kāinga Ora – Homes and Communities launched a shared-ownership product, First Home Partner, through which Kāinga Ora will take an equity share in a property to assist first home buyers who can service a mortgage but need help raising their deposit.
First Home Partner is for first home buyers who have part of a deposit already and can service a standard mortgage but need extra financial assistance toward the purchase price of a home.
First Home Partner sees Kāinga Ora take an equity share in ownership of a new home with the new household, which the household then buys out over time.
Find out more about eligibility for First Home Partner on the Kāinga Ora website.
Te Tūāpapa Kura Kāinga – Ministry of Housing and Urban Development (HUD) would also like to congratulate Habitat for Humanity and Queenstown Lakes Community Housing Trust for securing additional loan funding for 50 new homes across Aotearoa New Zealand.
This funding will enable Queenstown Lakes Community Housing Trust to build nine stand-alone homes in Lake Hayes and place an additional family into the Toru Apartments, Frankton, helping families become homeowners through their Secure Home programme.
Habitat for Humanity will construct 40 new homes in Auckland, Hamilton, Tauranga, Upper Hutt, Nelson/Tasman and Dunedin, and help families become homeowners through its rent to buy programme.
HUD is now inviting organisations to participate in the second round of funding through the Provider pathway, which opens today and closes on Monday 8 November 2021.
Organisations must submit a response to an Invitation to Participate in the Provider pathway, to either become an approved PHO provider only or become an approved PHO provider and submit the delivery plan for your PHO development.
Find out more about the Provider pathway and accessing PHO funding on our PHO page.
Published: October 5, 2021