On 8 November Christchurch City Council (CCC) agreed to lend up to $30 million to the Ōtautahi Community Housing Trust (OCHT) to develop 130 new social housing units. Ōtautahi Community Housing Trust currently provide homes to over 2300 residents and is committed to providing safe and affordable social housing to qualifying residents in neighbourhoods throughout Christchurch city and suburbs.
“OCHT is extremely pleased with the CCC decision which will help us meet the building costs of 130 new units plus the replacement of an additional fifty existing units that are no longer ideal for our requirements.
“Our city needs a greater range of quality, affordable housing and we are pleased that the Council has approved this loan to the Trust. OCHT is experienced in providing and managing social housing and that experience alongside our more recent research has given us some great insights into design and development of social housing. We are looking forward to developing homes that offer our tenants the comfort and security that every resident deserves. We are working on our proposal to government and we will keep people informed and up to date with our progress, so they know what is going on and when,” said Cate Kearney, CEO of OCHT.
Ratepayers will not incur any costs as a result of the Council agreeing to the loan as the Trust will cover all costs, including interest. OCHT will have 25 years to pay the loan back, with repayments starting before the new units are complete.