The government has launched the Progressive Home Ownership scheme to help families own a home, boasting a $400 million fund.
The $400 million fund would prioritise locations with unaffordable housing; households unable to buy a home; and Māori, Pacific people, and families with children. The first phase would commence in Auckland and Queenstown, which would support the first 100 low to median income families struggling to pay their deposit or mortgage.
“Under-investment in housing and infrastructure in the past has made the aspiration of homeownership impossible for too many families,” said Housing Minister Megan Woods.
“I'm delighted the Government is once again delivering solutions to enable more families to own their own homes and secure their futures.”
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The Housing Foundation in Auckland and the Queenstown Lakes Community Housing Trust were appointed as the first providers who would provide households with access to the scheme.
“It will help up to 4,000 families who could not otherwise afford homeownership. We expect to see the first group of families in their own homes by November this year,” Woods said.
As part of the scheme, a dedicated iwi and Māori pathway would be established – mainly focusing on better housing outcomes for Māori. The government would also provide shared ownership support to households with an annual income of under $130,000 through an initiative by Kāinga Ora.