New Zealand announces Interest free Loans for Infrastructure Projects
The loans from the $1 billion Housing Infrastructure Fund (HIF) will improve resilience and environmental outcomes in drinking water and wastewater in Tauranga, which is facing high housing demand.
The infrastructure that will be built with this funding to support new housing includes capacity upgrades to the Te Maunga Wastewater Treatment Plant and a new Waiari water treatment plant. This infrastructure will provide water and wastewater capacity for an additional 35,000 houses, which could be either infill or Greenfield developments. While there has been a big focus on the housing crisis in Auckland, there are also issues needing to be addressed in high growth areas like Tauranga. Its population is expected to continue to grow and demand for housing is already high. Tauranga City Council is keen to accelerate housing developments, and funding towards infrastructure to support such developments will go a long way to ease pressures on councils.
Further announcements on Tauranga infrastructure projects, including the greenfield development at Te Tumu on the eastern end of Papamoa, are expected in coming months once business cases are evaluated and approved.The $1 billion HIF will enable at least 28,000 new dwellings in high growth areas to be built over the next ten years.
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