RETURN

Trust Purchases 30 Windrush Close, Mangere

In December 2016 the then National Government decided to increase the supply of Emergency Housing. Monte Cecilia CEO & Trust Board decided to put a bold redevelopment plan forward for Government funding that would increase Monte's 12 units to 30 self contained apartments.

This bold move was accepted by Government because it would increase supply but in the long term could be turned into community social housing or affordable rentals.

The Auckland Catholic Diocese Board could only see risk and felt it would take years to negotiate a suitable contract.

Monte Cecilia Trust Board did not want this opportunity to be lost and negotiated to purchase the site for $2million dollars way more than we could afford, but by mortgaging 13 of our social housing properties we created a secure future and head quarters for the Trust to continue to support homeless families in a location right in the middle of the biggest housing crisis NZ has ever faced

Because of an NZ election process a signed contract was not completed until the newly elected Labour Government was satisfied the project loan fitted with their budget constraints.

A contract was signed August 2018 based on a loan of $8.6million dollars over 10years. The Government would lease the 30 units over that period of time with lease income repaying the loan