Guide to eligibility criteria for HIF changes

Published: 8 February 2017

If you’re an organisation that has already received financial assistance through the Housing Innovation Fund, you may be eligible to have your existing suspensory loan or conditional grant forgiven by Housing New Zealand.

 

Please note that to be eligible, you must meet all the criteria set out below and your application must be associated with a new housing project.

Please thoroughly review the eligibility criteria checklist and evidence required below before completing the application form.

 

To be eligible, you must:

Description and guidelines

Be a not-for-profit organisation

A not-for-profit organisation uses any profit for charitable purposes.

Your organisation’s trust deed continues to include clauses that the organisation is not-for-profit or dividend.

Be financially viable

Financial viability is measured though net profit and equity. Your organisation’s last audited accounts should be provided.

Have strong governance and management structures and systems in place

Governance and management structures, systems and practices must be in place. This includes:

  • a current business plan
  • appropriate financial, risk and management systems that support ongoing operations and proposed projects
  • audited accounts
  • quality management systems
  • key experienced personnel at governance and management levels.

Have a track record in social and affordable housing

Your organisation must have provided housing for at least two years or have business plans (or similar documents) that outline housing as a core business.

Have plans for growth

Your organisation must have an identified housing project focused on growing your social housing portfolio, and this needs to be included with your application.

Your planned growth and financial position should indicate that your organisation is able to fund the growth.

Business plans for growth should be realistic within the context of the audited accounts.

Be able to provide value for money

Any freed capital should enable growth in social housing.

Continue to supply social and affordable housing

The trust deed or other documentation must state that your organisation will continue to provide social or affordable housing.

Provide housing as part of your core business

Your organisation must clearly be in the business of housing provision, as opposed to housing provision being a by-product of other service offerings.

This may be evidenced by a track record of community housing provision or it may be explicit in trust deeds or other founding documents.

 

 

How to apply

You can find a copy of the application form here. Once completed, please email it to legacymanager@hnzc.co.nz. Please note, you must complete and submit your application and supporting information electronically.

You will also need to provide the following evidence to support your application:

  • a copy of the trust deed or similar foundation document that your organisation continues to be a not-for-profit charitable organisation

  • a copy of your  latest audited accounts

  • details of your proposed project

  • a copy of an offer from another lender/funder.

 

Please note that if you are successful in your application, this may mean your organisation incurs GST liability for housing development sooner than you had initially anticipated.

Please note that the decision to change any arrangement rests with Housing New Zealand.

 

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