ACC and CORT public housing partnership
Published 02 Sept 20
The Ministry of Housing and Urban Development is welcoming a partnership between ACC and CORT Community Housing which will create new public homes in Auckland.
ACC is investing $50 million in a project with Community Housing Provider CORT to build and manage 100 new high-quality one and two-bedroom dwellings for people in need.
The deal is a first in New Zealand. The Ministry of Housing and Urban Development worked with ACC and CORT to develop a public housing product and set of terms and conditions that involve project finance from ACC, to enable the delivery of these homes.
The approved public housing developments will be supported by the Income Related Rent Subsidy and an agreement with the Ministry of Housing and Urban Development of up to 25 years.
This joint venture provides a framework that other long-term investors and Community Housing Providers may wish to use.
Community Housing Providers can speak to any of our Business Development Managers about this product. Each development proposal must go through HUD’s ordinary procurement and evaluation process – and the finance side of the proposal will need to be fully vetted.