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Housing NZ running out of cash: opposition

NZ NewswireNZ Newswire 12/10/2016
A house beside a rundown playground in Auckland © Phil Walter/Getty Images A house beside a rundown playground in Auckland

Housing NZ is running out of cash and the government is going to have to bail it out, opposition parties say.

A 1News report citing documents obtained under the Official Information Act says Treasury in July noted HNZ had capital constraints.

Another document said HNZ was going to run out of money by February 2017.

HNZ is reported as saying its state house sale process has put it under further financial constraints.

Labour's housing spokesman, Phil Twyford, says the government has deliberately run it down and Finance Minister Bill English has admitted he will have to give it more money.

Green Party co-leader James Shaw says HNZ is in crisis just as its supposed to be building new houses.

"Bill English has run Housing NZ into the ground and now he's going to have to do an emergency bail-out," he said.

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