The Infrastructure Funding and Financing Amendment Bill passed by Parliament today will give developers and councils more innovative tools to fund and finance the infrastructure New Zealand needs to grow, Housing Minister Chris Bishop and Parliamentary Under-Secretary Simon Court say.<\/p>\n
\u201cFixing the basics and building the future for New Zealand requires us to tackle the barriers which have prevented the delivery of the new homes and projects that will grow the economy, improve living standards and create jobs,\u201d Mr Bishop says.<\/p>\n
\u201cThe Government\u2019s Going for Housing Growth programme delivers solutions through three pillars: Pillar One frees up land for development through Resource Management Act reforms and changes to national direction; Pillar Two improves infrastructure funding and financing; and Pillar Three gives councils stronger financial incentives to support housing development.<\/p>\n
\u201cPillar Two addresses a key obstacle to housing growth: developers are often ready to build new homes, but councils lack the borrowing capacity to deliver the roads, water and other essential infrastructure needed to support them.<\/p>\n
\u201cInstead of relying on council borrowing, the Infrastructure Funding and Financing Act allows infrastructure to be financed by private investors and repaid over time through levies on the properties that directly benefit from the infrastructure.<\/p>\n
\u201cThe Act was inspired by the successful Milldale development north of Auckland, where this model unlocked the infrastructure needed to support thousands of new homes for Kiwi families.<\/p>\n
\u201cHowever, the Act has fallen short of its potential and proven too difficult to use in practice. Unnecessary complexity, cost and bureaucratic hurdles have limited uptake, with only three levies authorised under the Act to date.<\/p>\n
\u201cThe changes passed today will make the Act faster, simpler and more practical to use by removing unnecessary barriers, streamlining the levy approval process and broadening the range of infrastructure projects that can be funded using this model.<\/p>\n
\u201cThis includes transport projects delivered by the New Zealand Transport Agency (NZTA) and KiwiRail, as well as water services infrastructure delivered through the new water organisations.\u201d<\/p>\n
Mr Court says the Bill also allows ongoing operational and maintenance costs to be funded through levy revenue.<\/p>\n
\u201cAllowing ongoing operational and maintenance costs to be recovered through levy revenue incentivises a whole-of-life design focus that will maximise value-for-money and make the model more attractive for future projects,\u201d Mr Court says.<\/p>\n
“The Bill also means councils and other infrastructure authorities will no longer be able to unnecessarily hold up proposals that meet the requirements of the Act. That will give developers greater certainty, reduce delays and help get more infrastructure projects underway.”<\/p>\n
\u201cWith these improvements, the Infrastructure Funding and Financing Act is now a much more practical option for councils, developers and infrastructure providers looking to get infrastructure projects off the ground. We encourage the sector to make full use of it.\u201d Mr Bishop says.<\/p>\n
\u201cBy making it easier to deliver the roads, water infrastructure and transport links our growing communities need, these changes will enable more homes to be built, support the economy and ensure growth pays for growth.\u201d<\/p>\n
Notes to editors:<\/p>\n
National Infrastructure Funding and Financing (NIFF) can be contacted by potential proponents to assess whether the Infrastructure Funding and Financing Act may be suitable for their project in the first instance.
\nThe Planning Bill and Natural Environment Bill, which deliver Pillar One of the Going for Housing Growth programme, have been reported back to Parliament by the Environment Committee.
\nFurther information on Pillar Three of the Going for Housing Growth programme can be found on the Beehive Website.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Infrastructure Funding and Financing Amendment Bill 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