Residential Earthquake-Prone Financial Assistance Scheme Announced
16 September 2020
During 2018 the BCCG was involved, thorough a former National President, Neil Cooper, in a small working party that worked with Grant Robertson on financial assistance for owners of multi-story buildings where the owners were not able to raise funds for mandated work, and so put the whole project at risk. In Budget 2019 the government put aside $50M to assist these owners but it has taken over a year to work out the details of the scheme. At the time, Grant recognised that the amount put aside was not going to be sufficient but he said that once the scheme was operating and the true costs were better understood, the amount could be increased.
The scheme is now called the Residential Earthquake-Prone Financial Assistance Scheme. The general criteria are along the lines that were first discussed with Grant Robertson although a current limit of $250,000 per owner has now been set. Loans will be tied to the unit title and will incur a below market level of interest.
The scheme is now open for applications and will close on 30 June 2027.
MBIE now have details on their website click here to read more. The MBIE page also contains a link to the Kainga Ora website for anyone wishing to apply for the scheme