SmartGrowth Housing Affordability Forum in Bay of Plenty

Oct 30, 2017 | News

Community Housing Aotearoa Scott Figenshow chief executive with Queenstown Lakes Community Housing Trust executive officer Julie Scott in front of homes under the shared equity scheme in Queenstown.

Experts at a SmartGrowth Housing Affordability Forum workshop looked at shared equity programmes and impact investment as opportunities to bring more affordable housing choices to the region.

Contributors to the workshop included experts in affordable housing, urban design and planning, community housing provision, innovation in housing, economic development and papakainga housing developments, as well as philanthropic organisations.

Shared equity was freehold housing with at least 60 per cent contributed by the homeowner, supported by a trust that has received investment funds for this purpose.

The return on investment would be determined by the housing market and divided as per the final ownership proportions when the property was sold.

Community Housing Aotearoa chief executive Scott Figenshow said shared ownership was a way for families to be able to purchase a portion of a home using a ‘tenants in common’ legal agreement.

For example, a family could use their mortgage and deposit to buy 70 per cent and a community housing provider owned the other 30 per cent of the property.

If the house changed in value when the family decided to move out, a new family could offer to buy out the previous one, or the trust could offer to cover more of the cost if they could only provide 50 per cent of the share.

“It is able to be tailored to the household,” he said.

Read more here.

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