Government to underwrite private house building amid recession

Summarised by Centrist

The New Zealand Government plans to underwrite private housing construction to help developers secure financing amid high interest rates and economic downturn. The scheme, set to open on October 7, targets high-population areas like Auckland, Hamilton, and Wellington but will be available nationwide. Housing Minister Chris Bishop stated that underwriting is an effective tool for maintaining housing supply during expensive borrowing periods, aiming to support developers in starting new projects.

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