New Zealand Grants $300M Funding for Auckland Housing

Builders Working On A Housing ProjectThe New Zealand government has granted a $300 million infrastructure loan for housing projects in Auckland, as part of a broader funding assistance scheme.

The financial aid came after the Australasian Corrosion Association’s New Zealand branch (ACANZ) hosted an event for asset managers, corrosion experts, and sandblasting specialists such as Euro-Blast NZ Ltd to tackle concerns related to controlling the corrosion of New Zealand's infrastructure.

Infrastructure Bill

The multimillion funding loan for Auckland’s residential projects forms part of an infrastructure bill that aims to assist five councils in the country. The legislation would help in delivering 140,000 homes worth around $19 billion over the next 30 years.

Auckland Mayor Phil Goff welcomed the $300 million under the Housing Infrastructure Fund as good news. The city will receive more government funding on top of the loan, although Goff declined to provide further information. Finance Minister Stephen Joyce said that they are already working on the final details of the additional funds.

As the city reached its borrowing limit, Infrastructure New Zealand CEO Stephen Selwood suggested that the New Zealand government should pay for the projects instead, due to its strong balance sheet.

Protecting Infrastructure

Since Auckland has sought to build more houses, the topic of protecting infrastructure against corrosion became more relevant. Several participants of the recent ACANZ event in the city believe that the design for residential properties, including apartments, can last for 50 years or more.

By identifying risks promptly, the city can prevent significant damage not just to homes, but also other valuable assets such as bridges and highways. The same logic can be applied to the rest of the country’s infrastructure as well.

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Conclusion

Funding and development for residential infrastructure should include new solutions to address issues on corrosion. The New Zealand government’s funding loan for Auckland’s housing projects serves as a step in the right direction.