New Zealand to spend $750m in rush to build 60,000 new homes

The government of New Zealand has named five councils that will receive payments from a US$750m fund in a dramatic acceleration of housing provision.

Prime Minister Bill English said Auckland, Hamilton, Waikato, Tauranga and Queenstown can use the money for roads and water infrastructure as well.

The 10-year interest-free loans will see New Zealanders getting 60,000 new homes up to eight years earlier than planned.

English was reported by Radio New Zealand as saying work on the infrastructure would begin in the summer, and "the first homes will be completed by late 2018".

Councils entered bids for a share of the funding.

Auckland council will get US$220m to build 10,500 houses in the northern suburbs of Whenuapai and Redhills.

Hamilton council will get $200m, including $75m for a new bridge, to build 8,100 houses on greenfield sites in its southern suburbs. 

Tauranga council will get $170m to put towards water treatment plants that will serve 35,000 new houses.

Image: Auckland’s northern suburbs will be a big winner in the new scheme (Government of New Zealand)

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