Handing over to owners of units prone to earthquakes

From today, owners and occupants of condominiums who live in earthquake-prone buildings can apply for financial support to repair their homes, says Building and Construction Minister Jenny Salsa.

The financial assistance scheme for earthquake-prone residential buildings will assist unit owners in facing financial difficulties due to earthquake strengthening costs.

“We understand the complexity of repairing a building that is prone to earthquakes where there are many unit owners. Obtaining the funding to do this work can be difficult, if not nearly impossible, for some people in this situation.

“This loan scheme provides support to unit owners so that they are not placed in a position where they are forced to sell their homes or bear the stress of huge financial hardship.

“It is important that all New Zealanders live in warm, dry and safe homes, and this initiative is another example of the government’s commitment to make this happen.”

The scheme will be delivered by Kāinga Ora – Homes and Communities, with eligible unit owners able to borrow up to $ 250,000.

“The government looked at several options when developing the scheme. We believe the option we have chosen is the most equitable for taxpayers and provides broad support access to strengthening earthquake-prone buildings.

“It’s about helping those who are most in need – occupiers who are in real trouble and who can’t afford to repair earthquake-prone buildings without some help,” said Jenny Salsa.

Unit owners will need to meet certain criteria to apply for a loan. These can be found on the Kāinga Ora website.

It is proposed to review the scheme at 12 months after launch, along with analysis of receipt (loans issued) and cost enhancement.

Notes:

To be eligible for the loan program, applicants will need:

Be a New Zealand citizen or permanent resident of New Zealand; And to be a unit owner.

They will need to show:

They cannot obtain financing from the lender; If you offer a loan from a lender, the owner is required to sell his unit when the building is not subject to earthquakes as part of the loan clause; Or if you offer a loan from a lender, it could cause significant financial hardship.

The CEO of Kainga Ora also has the discretion to grant loans.

The scheme is limited to units:

Purchased before July 1, 2017; Inside a building in an area of ​​high seismic risk, two or more floors high and containing three or more home units (or a home unit within a mixed-use building); And inside the building is subject to the EPB notification issued by the regional authority.

You can read the full criteria for the financial assistance plan for earthquake-prone residential buildings and progress here: https://kaingaora.govt.nz/working-with-us/residential-earthquake-prone-building-financial-assistance-scheme/

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