Housing Corporation (Affordable Housing Development) Amendment Bill

Housing Corporation (Affordable Housing Development) Amendment Bill EXPLANATORY NOTE GENERAL POLICY STATEMENT This Bill amends the Housing Corporation Act 1974 to increase the supply and affordability of housing and land by requiring the Minister of Housing to undertake an affordable house construction programme that will build 10 000 affordable houses per year. CLAUSE BY CLAUSE ANALYSIS Clause 1 is the Title clause. Clause 2 is the commencement clause. It provides that the Bill comes into force on the day after the date on which it receives the Royal assent. Clause 3 provides that the Bill amends the Housing Corporation Act 1974 (the principal Act ). Clause 4 inserts new Part 5B . The Parliament of New Zealand enacts as follows: 1 Title This Act is the Housing Corporation (Affordable Housing Development) Amendment Act 2016 . 2 Commencement This Act comes into force on the day after the date on which this Act receives the Royal assent. 3 Principal Act This Act amends the Housing Corporation Act 1974 (the principal Act ). 4 New Part 5B inserted After section 50S, insert: 5B Affordable housing development 50T Minister of Housing must ensure affordable housing built 1 The Minister of Housing must prepare a plan in consultation with the Corporation for the building of 10 000 affordable houses per year for first-home buyers. 2 Within 6 months of the completion of the plan required under subsection (1) , the Minister must present a copy of the plan to the House of Representatives. 3 The Minister of Housing must— a ensure that all targets set out in the plan are met; and b report to the House of Representatives annually on its progress. 50U Corporation to manage affordable housing development 1 The Corporation will be responsible for managing the development of affordable housing under the plan prepared under section 50T(1) . 2 In implementing the affordable housing development plan the Corporation must— a ensure that the houses built are affordable; and b ensure that the houses built are— i sold to first-home buyers; and ii are not used for speculation; and c ensure that all houses built— i meet all legal standards required; and ii are warm, dry, and safe; and d work with private-sector builders to ensure houses are built to a high quality.