Government officials have outlined plans to simplify the use of the Infrastructure Funding and Financing Act (IFFA), aimed at promoting housing growth across New Zealand.
Key changes include streamlining levy development and approval processes, increasing access to IFFA for various users, supporting developer-led proposals, and introducing deferral options for property owners. The updates aim to reduce bureaucratic hurdles and make it easier for developers to raise funds for infrastructure projects without burdening councils' balance sheets.
Under the revised framework, major transport projects can recover a share of the infrastructure cost from beneficiaries, helping growth pay for growth. Additionally, levies will be given automatically where statutory requirements are met, limiting potential obstruction by authorities. Property owners will also have the option to defer payment until a later date or specified triggering event.
These changes are expected to increase the attractiveness and usage of IFFA, ultimately contributing to demand-led housing growth in New Zealand.