Christchurch City Council will borrow $10 million so it can fast-track work on making its social housing units warmer and drier.
The loan, along with $6 million sourced from existing budgets and from the Housing Development Fund, will allow the Council to upgrade the heating and ventilation in 909 units by next winter.
It will also enable insulation to be added to those units by the end of 2020.
The 909 units that will be upgraded are currently exempt from the minimum insulation standards because of the nature of their design and construction.
Even with the added insulation, some of the units will fall short of the minimum insulation standards, but they will offer a warmer, drier living environment for tenants.
“The Council is the second biggest housing provider in the country and we want to ensure that we provide healthy homes for all our tenants,’’ says Council Head of Facilities, Property and Planning Bruce Rendall.
“By borrowing $10 million we can accelerate work on improving the warmth and dryness of our units so that our tenants don’t have to spend another winter living in cold, damp conditions.’’
The Council will repay the loan over a 10 year period.