14 | Ōwhata Kohanga Rakau LP T T Karen Phelps Making home-ownership more affordable REGIONAL DEVELOPMENT With a century-long legacy in the Rotorua/Taupō regions (formerly East Brewster), our full-service team brings a wealth of expertise and unwavering confidentiality to clients across New Zealand. Committed to fostering growth within our local communities, we partner closely with our clients to achieve their goals. Big enough to do, small enough to care. Our team is client focused. Commercial & Residential Property Development Māori Land interests and entities General Property, Trusts and Businesses Family, Relationship Property & Asset Protection Employment Contact Us Wellington | +64 4 472 0020 Rotorua | +64 7 348 2030 office@jbmorrison.com jbmorrison.com Ōwhata 2B and 7 Ahuwhenua trusts are breaking new ground in Māori housing, delivering innovative options for whānau seeking both affordable rentals and homeownership. With homes being built in Rotorua and Te Puke, the developments are designed to meet the needs of families and foster strong connection to both community and whenua. “It’s a complex undertaking, but with the right leadership and partners this shows that you can deliver outstanding outcomes for your people,” says Jason Rogers, chair and CEO of Kōhanga Rākau Housing. The first stage of the trusts’ Ōwhata Kōhanga Rākau project, located in Ōwhata, Rotorua, is complete, with 38 affordable rentals and 28 social rentals, all fully occupied. The current phase includes 27 sharedownership houses, with families now moving into their own houses. “This is an amazing opportunity for our people,” says Jason. “Home ownership is a challenge for many, and this approach often means their mortgage payments are below rent. Families need only a 5% deposit, while we contribute 25% to the house and land, allowing them to progressively buy 100% of the property.” The shared-ownership model is innovative in its structure, says Jason. The homes sit on leased land, and Westpac and ANZ are willing to lend up to 80% on the prepaid leasehold interest and house. T T to page 16
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