Infrastructure Acceleration Fund May update
Published on 04 May 2022
Kāinga Ora has confirmed that the Trentham Racecourse mixed-use development project has been invited to move to the negotiation stage of the Infrastructure Acceleration Fund (IAF) process. This stage will see further due diligence undertaken and both funding and housing outcome agreements negotiated.
This is good news as it shows that our plans for growth are aligned with the Government’s position on the infrastructure projects needed for housing development. It is one of 35 projects nationwide to move to the final stage.
The proposed Trentham Racecourse mixed-use development seeks funding for $12.43 M and the funding would go towards wastewater storage and transport upgrades to enable the potential development of ~1000+ homes and will have provisions for retail space.
The Trentham Racecourse mixed-use development project, in conjunction with Gillies Group and the Wellington Racing Club, was one of four projects submitted by Council which also included the Cannon Point / Totara Park housing development, St Patrick’s Estate housing development and Silverstream Forest development.
The IAF is a key component of the Government’s $3.8 Billion Housing Acceleration Fund announced in March 2021. The contestable fund of at least $1 Billion was launched on 30 June 2021 with an invitation for expressions of interest from councils, iwi and developers. The IAF will seek to enable housing development in areas of need throughout Aotearoa New Zealand through the allocation of funds.
This IAF funding supports eligible infrastructure and is designed to help developments overcome this initial barrier by assisting councils with funding. It would allow the development to go ahead by connecting it to the wider utilities and infrastructure network. These are typically costs for the local authority, not developers.
As with all developments, further Council decision-making processes will need to be followed under the Resource Management Act, and in the next 2024-34 Long Term Plan. These processes would require public consultation which is the opportunity for you to have your say.
For the three developments that were not selected to proceed to the next IAF stage by Kāinga Ora, developers can continue to progress them through the Resource Management Act process.
Council is committed to planning for and accommodating growth by providing for a range of housing across our city. It is important to help address the housing shortfall and planned population growth over the coming years.
It is important to note that although the project has been invited to proceed to the next stage of the IAF, it is no guarantee of future work commencing until other consultation and decision-making processes are completed.