NZ Urban Development news from the media | 8 October 2024 | Fast-track projects released

Fast-track projects released

The 149 projects released today for inclusion in the Government’s one-stop-shop Fast Track Approvals Bill will help rebuild the economy and fix our housing crisis, improve energy security, and address our infrastructure deficit, Minister for Infrastructure Chris Bishop says.

“The 149 projects selected by the Government have significant regional or national benefits. They will make a big difference in the regions by delivering jobs and growth and develop a pipeline of major projects to help boost the economy,” Regional Development Minister Shane Jones says.

“The projects have been selected through a thorough and robust process which included an open application process run by Ministry for the Environment, analysis by officials, an independent assessment and recommendations process by an independent Advisory Group, and final decisions by Cabinet. 

“The 149 projects chosen by Cabinet to be listed in the Bill will be listed in Schedule 2 of the Bill once the Bill is reported back from the Environment Committee in mid-October. Once the Bill is passed, they will be able to apply to the Environmental Protection Authority to have an expert panel assess the project and apply relevant conditions.

https://www.beehive.govt.nz/release/fast-track-projects-released

New Government support for residential construction market announced

The Government has announced a new support programme for the residential construction market while the economy recovers, Housing Minister Chris Bishop and Building and Construction Minister Chris Penk say.

“We know the residential development sector is vulnerable to economic downturns. The lead time for building houses is typically 18 months or more, so it takes at least that long for the residential development sector to gear back up as market conditions improve,” Minister Bishop says.

“In times of expensive borrowing, underwrites are an effective tool for supporting housing supply. This is because underwrites increase developers’ access to finance where they otherwise wouldn't have been able to get it, and therefore wouldn't have been able to deliver the houses.

“The timing is right for this kind of support, because interest rates are still high and building consent rates low. The new Residential Development Underwrite (RDU) will help support residential construction activity in the near-term by enabling credible developers to access finance that they otherwise wouldn't have gotten. This also has the benefit of ensuring there are houses ready to go for buyers who enter the market as interest rates drop.

“The Residential Development Underwrite programme will be for development projects selected by Ministry of Housing and Urban Development officials.”

https://www.beehive.govt.nz/release/new-government-support-residential-construction-market-announced

Have your say: 30-year plan to share the cost of growth

Aucklanders are encouraged to have their say on a new policy for development contributions. The consultation is open from Monday 30 September until Friday 15 November 2024.  

Development contributions are fees the council charges developers to help fund the cost of growth in Tāmaki Makaurau.  

The council uses this money to help pay for new assets that are needed to support the new households or business properties that have been, or will be, developed in Auckland. This includes roads and footpaths, parks; libraries and community facilities; and drainage and stormwater systems.  

Andrew Duncan, Manager of Financial Policy at Auckland Council, notes providing the infrastructure to support expected growth is a key council function.  

https://ourauckland.aucklandcouncil.govt.nz/news/2024/09/have-your-say-30-year-plan-to-share-the-cost-of-growth/

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