Major infrastructure funding for Waikato District
Minister of Housing and Urban Development Phil Twyford today announced $38 million of 10-year interest-free loans to Waikato District Council to support major infrastructure projects around Te Kauwhata.
The loans from the $1 billion Housing Infrastructure Fund (HIF) will enable the building of 2,790 houses in an area in desperate need of more housing.
“The infrastructure that will be built with this funding aimed at supporting new affordable housing, includes expanding water supply, reservoirs and reticulation, and a new waste water treatment plant, pipeline and treated water disposal.
“There are significant environmental benefits associated with these projects as all waste water from Te Kauwhata will be processed to a higher standard and the discharge of processed waste water to Lake Waikare will stop,” Phil Twyford said.
“While there has been a big focus on the housing crisis in Auckland, there are also issues needing to be addressed in areas such as Te Kauwhata, which is expected to be a major growth area in North Waikato.
“There are signs that Auckland’s housing issues are moving south. According to QV data, average house prices in the Waikato District have increased to $483,179 – up 8.8 per cent over the past year. Rentals just down the road at Huntly have increased 13.3 per cent over the last year.
“Councils in high growth areas like Waikato are keen to speed up housing developments, and funding towards infrastructure will go a long way to ease pressures on these councils.”
Phil Twyford said work on finalising the loan from the HIF was a great example of how central and local government can work together to address New Zealand’s housing crisis.
The $1 billion HIF will enable at least 28,000 new dwellings in high growth areas to be built over the next ten years.