Whangārei Affordable Rentals
Soul Capital supported the development of 10 affordable rental homes in Tikipunga, Whangārei, supporting local whānau into healthy and affordable homes and offering them an opportunity to home ownership.
Why we invested
Whangārei faces a growing housing crisis. We were hesitant about investing in housing because of the large capital requirements relative to our fund size. However, the impact logic is clear: access to high-quality, stable, and affordable housing is foundational to alleviating social disadvantage.
The core economic impact of affordable rentals is the discounted rent for the whānau we prioritise into these homes. By reducing their housing costs, whānau have greater capacity to meet essential needs, build financial stability, and take steps toward social and economic mobility - the effects of which ripples through generations.
One of the innovative aspects of our approach is through partnership with our kaiārahi at Pehiaweri Marae, and Habitat for Humanity acting alongside us, to manage the properties and support the whanau living in these homes reaching their aspirations.
Transaction Summary
IRIS+ is a set of generally-accepted system created by the Global Impact Investment Network (GIIN) to standardise impact metrics and themes.
A severe shortage of affordable, high-quality rental housing in Whangārei is pushing low-income whānau into housing stress, instability, and overcrowded or substandard living conditions—undermining their wellbeing, equity, and long-term opportunities.
Improved housing security and affordability for whānau experiencing housing stress in Whangārei.
Short term: Access to stable and affordable housing enables families to redirect income toward other essential needs and is a foundation for better health, education, and financial outcomes.
Long-term: This housing contributes to improved health, social mobility, and intergenerational equity. Partnership with Habitat for Humanity opens an avenue for home ownership.
Whānau in Tikipunga, Whangārei experiencing housing insecurity, including Māori and low-income households with limited access to affordable rentals.
Scale: Number of whānau housed.
Depth: Material improvement in quality of life and financial relief through affordable rent.
Duration: Ongoing access to stable housing for families as long as they remain in the home, the benefits of which are experienced across generations.
Soul Capital’s investment unlocked a housing model that would not otherwise have progressed without catalytic, flexible capital. The approach integrates cultural guidance and wraparound support, distinct from typical rental housing and aligned with community-led aspirations.
External risk: from policy or market shifts that could affect affordability of the homes.
Number of whānau housed
Quality of living from resident feedback
Measuring What Matters
Impacts of enterprises on people and the planet can be understood across five dimensions, as defined by the Impact Management Project.
