$750m spent on building 60,000 new homes
Prime Minister Bill English announced that Auckland, Hamilton, Waikato, Tauranga and Queenstown will be granted $750m to solve the rising demand for housing. In addition, the fund also covers the expenses of building roads and water infrastructure for the residents within the cities.
The 10-year interest-free loan is expected to provide New Zealanders with 60,000 new homes. The financial manoeuvre is hoped to shorten the waiting time by up to eight years than planned.
It is reported that the infrastructure construction will start this summer, and “the first homes will be completed by late 2018.”, said the Prime Minister.
10,500 houses will be provided on Northern suburbs of Whenuapai and Redhills in Auckland with the fund of $220m.
Hamilton Council will spend $75m on a new bridge and $125m on building 8,100 houses on greenfield sites in the Southern suburbs.
35,000 new houses will be built in Tauranga, alongside new water treatment plants with a provision fund of $170m.