Homes of Choice
Homes of Choice creates housing for disabled whānau that is affordable, accessible, and designed for dignity.
Fund: Te Pae ki te Rangi
Transaction Summary
Fund: Te Pae ki te Rangi
Date Invested: August 2023 | March 2024
Instrument: Debt Facility – Fully repaid
IRIS+ Category: Real Estate | Affordable Quality Housing - Property Development
Why We Invested
Accessible housing in Tāmaki Makaurau is scarce. For disabled whānau, that scarcity is a structural barrier to the kind of stable, dignified life that good housing makes possible. At the time of our investment, one four-bedroom accessible home was available in South Auckland. One.
Our debt facility funded 22 homes across a mix of one to four-bedroom units, backed by the Income-Related Rent Subsidy and Affordable Housing Funding from the Ministry of Housing and Urban Development. That funding stack means these homes stay affordable. Not for now; for the long term.
This was Homes of Choice's first time accessing external finance. What we saw was an organisation that understood its community, knew what needed to be built, and had the operational capability to build it. The homes are designed to Universal Design standards: accessible, durable, purpose-built, and genuinely pleasant to live in. The belief behind that last point matters. Disabled whānau deserve homes that are a pleasure to live in, not just technically compliant.
Success here is straightforward: great homes built for disabled whānau, within budget, refinanced to mainstream lenders in time. We’re here to make that first step possible.
Measuring What Matters
Problem:
Accessible housing is chronically undersupplied, particularly affordable three and four-bedroom homes. At the time of investment, one four-bedroom accessible home was available in South Auckland.
What:
Safe, secure, affordable, and fit-for-purpose housing for disabled whānau, built to Universal Design standards. Housing as the foundation for disabled people to live good lives on equal terms.
Who:
Tranche one: disabled adults. Tranche two: whānau with disabled children.
How Much:
Scale: number of whānau occupying the 22 units across the loan term.
Duration: occupancy rate across the loan term.
Depth: degree of tenant satisfaction, measured by survey.
Contribution:
Homes of Choice is delivering 22 new homes in Tāmaki Makaurau built to Universal Design standards: accessible, durable, and purpose-built, without sacrificing liveability.
Impact Risk:
Execution risk: Units aren't built to standard or to budget. If tenancy management is inadequate, tenants experience poor living conditions.
Impact Measures:
Number of whānau housed. Tenant satisfaction survey results.
