Habitat for Humanity Northern have announced the development of 16 new high-quality Affordable Rental homes in Whangārei. The homes will be a mixture or one, two and three bedrooms, located within walking distance of schools and local amenities.
Affordable Rentals are a new housing tenure type where rents are set at a maximum 80% of median market rent and tenants provided long term security of tenure. The homes are part Labour Government’s policy and funding to better meet people at their point of housing need and address affordability in the rental housing market.
Habitat for Humanity Northern CEO, Conrad LaPointe said, “Habitat see this as a vital tenure of housing, helping to bridge the gap between Public Housing and Market Rental. The affordability allows tenants to consolidate debt, save for the future, and if they have aspirations to, start accumulating a deposit for a new home. The tenure security provides tenants with the knowledge that this is place they can call home and enables a wider sense of well-being.
We know there are many people who are barely affording to live in rental accommodation, and for some this accommodation is also not suitable for their needs. With very low rental supply in Whangārei we only see this problem increasing. Being able to offer Affordable Rental is at least a start to addressing this problem beyond simply a market supply approach. We trust the funding that enabled these homes will be continued and increased by the new government. It is so important for people on the margins of rental affordability.”
The homes are being delivered in partnership with local trusts and investors including Soul Capital. Soul Capital is an impact investment fund manager whose fund, Te Pae ki te Rangi, seeks investments that increase equity, social inclusion, and/or environmental regeneration.
Soul Capital’s Founder, Jamie Newth, said, “As an impact investor we try to be catalytic with our investments and affordable rentals is a housing model that is underfunded. We’re excited to partner with a like-minded organisation like Habitat for Humanity who have a long-term commitment to Te Tai Tokerau, to demonstrate what is possible with community-oriented housing in Whangarei. The affordable housing model is also highly complementary to the community building work of our investor, Foundation North. The aspiration here is to work collaboratively with the community and high-integrity partners to cohere our social and financial capital into an approach that responds to the local community’s needs.”
Habitat will be seeking applications for the homes in early 2024. If you have any queries or wish to lodge your interest in the homes, please email [email protected].