$159 million Build Ready Development pathway application window closing in a few days
Published 14 Jun 23
Build Ready Development pathway applications window closes this Friday 16 June.
The pathway helps delivery of affordable housing supply through supporting developments that, due to the changing market conditions, are unable to progress.
Applications can be from any region across New Zealand while regions affected by weather events will be prioritised.
Only a few days remain in this application window for the $159 million Build Ready Development pathway. Applications are welcomed from any region. Residential developers can check the criteria and priorities, and then apply through the Ministry of Housing and Urban Development (HUD) website.
Matt Fraser, Head of Land Acquisition and Development says the Build Ready Development pathway will support developments that might not otherwise proceed. “Applications are welcomed from all regions and especially from regional areas that have been impacted by recent weather events including Te Tai Tokerau, Hawke’s Bay, Tairāwahiti and Bay of Plenty.
“The Build Ready Development pathway provides developers who have eligible, build-ready developments from across Aotearoa/New Zealand with two routes to Government support. This can be either by referring requests to sell ‘build-ready’ land to a suitable Government land acquisition programme or by the Government agreeing to prepurchase or underwrite homes off-the-plans, which provides support to unlock third party finance and keep the development moving,” says Matt Fraser.
This second round represents $159 million of funding and all developments must include affordable housing. Final decisions on prepurchase or underwrite commitments will be made jointly by the Minister of Housing and Minister of Finance.
The pathway helps delivery of affordable housing supply through supporting developments that, due to the changing market conditions, are unable to progress.
Matt Fraser says developers applying for underwrite or prepurchase commitments need to have resource consent, own the land, be ready to start the build within six to 12 months and have a valid reason why the development has stalled. “We’re looking for truly ‘build-ready’ developments in regional Aotearoa and to work with developers that can provide full financial feasibility studies and evidence of discussions with banks or lenders to put through our fast-track investment process,” says Matt Fraser.
Applications close at 4pm Friday 16 June.