Owner of earthquake-prone buildings can apply for financial support

The Residential Earthquake-Prone Building Financial Assistance Scheme will help unit owners facing financial hardship over earthquake strengthening costs.

From today, owner-occupiers of unit and apartments living in earthquake-prone buildings can apply for financial support to fix their homes, Minister for Building and Construction Jenny Salesa says.

The Residential Earthquake-Prone Building Financial Assistance Scheme will help unit owners facing financial hardship over earthquake strengthening costs.

“We understand how complicated it can be to fix an earthquake-prone building where there are many unit owners. Getting the finance to do this work can be difficult, if not near impossible, for some people in this situation.

“This loan scheme offers support to unit owners so that they are not put in a position where they are forced to sell their home or burdened by the stress of huge financial hardship.

“It’s important that all New Zealanders are living in warm, dry, and safe homes, and this initiative is another example of the Government’s commitment to making this happen.”

The scheme will be delivered by Kāinga Ora – Homes and Communities, with the eligible unit, owner-occupiers able to borrow up to $250,000.

 “The Government considered many options when developing the scheme. We believe the one we chose is the fairest for taxpayers and provides broad access for support to strengthen earthquake-prone buildings.

“It is about helping those most in need - owner-occupiers in genuine hardship who can’t afford to remediate their earthquake-prone buildings without some assistance,” Jenny Salesa said.

Unit-owners will need to meet certain criteria to apply for a loan. These can be viewed on the Kāinga Ora website.

A review of the scheme is proposed in 12 months following the launch, along with an analysis of take-up (loans issued) and strengthening costs.

(With Inputs from New Zealand Government Press Release)