25 Mar 2011

Mortgage guarantee being offered by runanga

6:39 am on 25 March 2011

Whakatane-based Te Runanga o Ngati Awa is offering to guarantee bank loans to members who want to build houses on Maori land that has multiple owners.

Housing project manager Vicky George says there is still a lot of Maori land in the eastern Bay of Plenty, including some owned by the runanga.

She says the scheme removes what's been a major impediment to housing projects, because the runanga would cover any default on the mortgage itself or via insurance.

Waatea News reports that Ms George has told a Community Housing conference in Henderson that the runanga is offering 52-year rolling leases when its land is used for housing, rather than the traditional 21 year leases.