In 2025, Home Capital Partners, through a limited partnership structure, acquired a newly completed sixhome development in central Kerikeri. Through a longterm lease with Ngāti Rēhia as the CHP, a subsidy through HUD, and funding through the Community Housing Funding Agency, the acquisition provided immediate housing to six households in the Northland region. A 30% gift of capital gains to the iwi CHP also helps them build their balance sheet.
This project raises the following key points of interest:
- Turn-key and lease: there are different models available, and CHPs don’t always need to develop from bare land. Purchasing or partnering on completed developments and then applying a long-term lease/CHP overlay can rapidly convert stock into community housing.
- Long-term leasing: Entering into a 25-year lease gives both the property owner and the CHP enough security to invest in community relationships, whilst giving comfort that income stream is durable.
- Partnerships: This model shows how iwi leadership, government funding and private capital can work together to deliver high-quality, long-term social housing without requiring iwi or CHPs to carry development or ownership risk. The approach also enables Ngāti Rēhia and Ngāpuhi to grow in capacity as CHPs/tenancy managers and then take an ownership stake post settlement, should they wish.
- Start small: Six centrally located, well-built, homes can have outsized impact in a town like Kerikeri that has low socio-economic pockets, providing whānau with walkable access to services and community networks
For more on Home Foundation, visit their website at: homefoundation.org.nz
