The Housing Infrastructure Fund will provide 10,700 more houses across two major new subdivisions in the Waikato, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.
“These investments will unlock two major subdivisions in one of New Zealand’s fastest growing regions,” Mr Joyce says. “It will provide network roading and water infrastructure for the 8100 section Peacockes Development on the southern border of Hamilton and a 2600 section subdivision in Te Kauwhata in Northern Waikato.”
The Peacockes development in Hamilton is close to the city’s CBD, university and hospital and has been on the planning books for some years.
“This proposal from the Hamilton City Council includes a new bridge over the Waikato River, as well as an interchange at Cobham Drive and connection to State Highway 3,” Mr Joyce says.
“This initiative is a massive boost to the supply and affordability of housing in Hamilton. The first homes are projected to be completed by the end of 2018, at least 1000 by 2022, and a further 7100 progressively as demand requires,” Dr Smith says.
“This project will complement the high level of uptake of the Government’s KiwiSaver HomeStart scheme for first home buyers. Hamilton has one of the highest uptakes; over 1000 people have used the scheme, with $25 million of KiwiSaver withdrawals and $5 million of HomeStart grants to fund first home deposits. The uptake has been predominantly for existing homes because of a shortage of new houses. This Southern Hamilton development is ideal for new house buyers.”
The Waikato District Council’s proposal is for a greenfield development adjacent to Te Kauwhata that will provide 2600 houses, all within 10 years.
“The Housing Infrastructure Fund will provide local road upgrades, cycle connections, and three waters infrastructure to allow this development to occur,” Mr Joyce says.
“An exciting aspect of this project is that it will provide significant environmental benefits alongside the supply of housing,” Dr Smith says. “The project includes a wastewater solution that will remove all the existing municipal wastewater discharges from the catchment of Lake Waikare and the Whangamarino wetland, allowing a major lift in the freshwater quality in both the lake and the wetland.”
The successful Councils will now work through Detailed Business Cases for the projects alongside government agencies, with the first funding agreement from the Housing Infrastructure Fund expected to be signed in the coming months.