A land trust model for affordable home ownership
I’ve just published the third episode of the Homefullness podcast, which you can find on most podcast apps. I interview Peter Southwick, a Trustee of the Bridge Housing Trust in the Waikato, on their land trust model for affordable home ownership. I hope you’ll find it informative in understanding how this model works, could be replicated around the country, as well as what levers need to be pulled to make it happen.
Bridge Housing Trust has replicated the successful “Secure Home” model from the Queenstown Lakes Community Housing Trust (QLCHT) where the cost of the house to buy does not include buying the land. Instead, the Trust holds the land for the wider community to always be able to offer affordable housing in perpetuity. What is different about Bridge Housing Trust is that, unlike QLCHT which was initiated by the District government, it was kicked off by a philanthropist who wanted to make his land available for affordable housing and so formed a Trust to be able to hold ownership of that land.
I asked Peter what he believes are the leverage points and what he would do for housing if he had a magic wand. Actually, what we realised is that it doesn’t take magic to create better housing outcomes but it does take the more powerful role players of central and local government, financial institutions, big industry employers, and land-owning philanthropists to be bold, proactive, collaborative and then invest in and enable these tried-and-tested housing models.
Here are some clips from the interview to entice your listening.
I asked Peter which role players in our society could be doing more to enable affordable housing.
Peter says, “for me, councils they have the potential to help change the affordable housing skyline in New Zealand. And so those councils that are willing to engage with it really have the potential to make genuine change. And I would almost say that without them at that local government level, without their engagement, without their involvement, without their financial contribution, affordable housing will always be on the back foot in our nation, so they have a huge role to play.”
“So the financial institutions, have a big part to play there. They make so much money out of our country, don't they, the banks, that I reckon they have a bigger role to play. And I would love to see them setting up some funds, really directed more towards housing.
“And then the other one that could be a player, are the big industry people. So, if I'm a massive employer of people say in Queenstown, and I can't house my workers, I can't run my business, can I? So I think there's a role to play for big, wealthy companies in thinking, how can we help in the affordable housing space, how can we engage with affordable housing providers, provide them some funds to build us some houses.