The Government will support a significant housing and community development in Taupō to ensure work can continue during the downturn created by the COVID-19 pandemic, Infrastructure Minister Shane Jones says.
Penny Homes, a locally owned company, has already begun initial works on the Eastern Urban Lands development in Taupō, a mix of residential, retirement, commercial and community facilities.
The development will include affordable and retirement housing, medical and childcare facilities and retail outlets. Work to be undertaken also includes roading, landscaping and walkways that will connect to Taupō’s future urban growth corridor.
“Because of the economic impact of COVID-19, there is potential for this work to be delayed, which will have a knock-on effect on the tradespeople and associated industries involved in the project,” Shane Jones said.
“The Government will provide $8 million, by way of a loan, to Penny Homes to ensure this project stays on track. It will be a significant employer in Taupō and the wider region and it’s estimated it will pump hundreds of millions of dollars into the economy over the five-year build timeframe.”
The funding for the project will come from the $3 billion set aside for infrastructure projects in the Government’s COVID-19 Response and Recovery Fund.
Note to editors:
All approvals are in principle and subject to contract negotiations. Investment values are also subject to change.
The funding announced today is part of the $3 billion infrastructure package in the COVID-19 Response and Recovery Fund, announced by Finance Minister Grant Robertson and Shane Jones on July 1. The fund is expected to deliver more than 20,000 jobs across New Zealand and unlock investment with a project value of more than $5 billion.