The community housing sector hopes the Accident Compensation Corporation (ACC)’s involvement in a new partnership to fund, build and manage 100 new homes will encourage other investors to back community housing initiatives.
ACC announced today that it will invest $50 million in a joint venture with community housing provider CORT that will see 100 new homes built for people and families on the public housing waiting list in Auckland.
“ACC’s investment fund is world-class,” said Community Housing Aotearoa CEO Scott Figenshow.
“Today’s announcement should send a signal to other potential funders that community housing projects provide investors the opportunity to make a significant contribution to society while also achieving relatively secure financial returns over long periods of time,” said Mr Figenshow.
Mr Figenshow said the government’s support of ACC’s involvement was also a welcome sign.
“Minister Carmel Sepuloni’s comments that the government can’t solve homelessness by itself and that different outcomes require different approaches is exactly the message we have been putting forward,” Mr Figenshow said.
“The past few decades have shown us that neither the state nor the market can fix this crisis alone. A sustainable solution needs both to be involved, and organisations such as CORT and other community housing providers can help make that happen effectively.”