$1 billion for infrastructure for new homes

Nick Smith announced:

Five of New Zealand’s fastest growing Councils will have infrastructure projects funded through the Government’s $1 billion Housing Infrastructure Fund, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.

“These funding decisions will help provide another big step forward in housing supply,” Minister Joyce says. “The funding will be used to provide network roading and water infrastructure for 60,000 houses across nine projects in these five fast-growing urban areas.”

A useful supply side measure. The details are:

• Auckland Council – $300 million – 10,500 housesGreenfield development (North-west) at Whenuapai and Redhills.
• Hamilton City Council – $272 million – 8,100 housesGreenfield development (Peacockes) on southern edge of Hamilton.
• Waikato District Council – $37 million – 2,600 housesTe Kauwhata (new development on the shore of Lake Waikare).
• Tauranga City Council – $230 million – 35,000 housesGreenfield development at Te Tumu (eastern end of Papamoa) as well as a capacity upgrade to the Te Maunga Wastewater Treatment Plant and a new (Waiari) water treatment plant (at Te Puke).
• Queenstown Lakes District Council – $50 million – 3,200 housesTwo new greenfield sites (Quail Rise South and Ladies Mile) on the Frankton Flats and an extension of the Kingston township.

Around 20,000 of the 60,000 homes will be delivered within five years.