Former Mayor’s housing project has homes up for grabs

AFFORDABLE: Community Housing Trust managing director Garry Moore outside one of the new homes the trust is selling in Wainoni. PHOTO: MARTIN HUNTER

Community Housing Trust has put its first newly built affordable homes on the market.

The three architecturally designed homes are on a section with two titles on Wainoni’s Ottawa Rd.

The back title has one three-bedroom house and a two bed-room one while the front title has a three bedroom home.

The homes would likely be available to families who had a household income of under $80,000, although that was flexible.

Community Housing Trust managing director Garry Moore said the houses were the product of feedback from families about what they wanted in a home.

He said they were originally built to cater for larger families who could have multiple generations living on site.

But there was also the option of splitting the two titles and selling them separately, he said.

The front title with a three-bedroom home has an asking price of $340,000, while the back title with three-bedroom and two bedroom houses had a $525,000 asking price for both.

A single garage was available for each three-bedroom home on the road-side of the property.

Mr Moore said the trust was set up in 2014 with the aim to make housing affordable, and to help buyers get into home ownership. It originally started by shifting homes from the residential red zone to other suburbs so they could be sold lived in.

The trust primarily focused on the eastern suburbs, which were hit hard after the February 22, 2011 earthquake, Mr Moore said.

The Ottawa Rd homes were the first new builds the trust had done and once they were sold, it would look at building more, he said.

Trustee Geoff Butcher said the north-facing homes were high quality and well designed, though they were not on large sections.

“I think the idea is really good.”

Mr Butcher said the trust had indicated it could provide an equity share of perhaps $50,000 for either of the titles.

“The idea of equity share is that where people can’t get sufficient equity to satisfy a bank, we may be willing to leave in some equity.”

He said that differed from a local in that if house prices went up, the trust shares in the gains, while if prices go down, the trust shares in the losses.

Mr Butcher said in the future the trust could look at pre-selling the homes before they were built.

To see the homes, visit https://www.trademe.co.nz/Browse/Listing.aspx?id=1663542455

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