$1.6 million boost for tenancy services
Additional funding is to be provided for tenancy services provided to landlords and tenants so they can keep pace with significant growth in the rental housing sector, Housing Minister Steve Maharey said today.
Thursday, October 23rd 2003, 4:27AM
by The Landlord
“The new funding will enable the Ministry to respond to the significant growth in the rental housing sector, and to the corresponding increase in demand particularly for the tenancy services it provides to landlords and tenants.
“Ensuring access to high quality residential tenancy advice and education supports everyone who is in a renting relationship to achieve a more stable tenancy.
“The Ministry’s role in advising the Government on the rental housing market, and the legal frameworks that regulate it, will also benefit from the extra funding.
“Apart from $326,000 of this financial year’s extra funding, the increase will be met from an expected increase in interest income on the Residential Tenancies Trust Account, which holds bonds in trust, on behalf of residential tenants and landlords.
“The funding package includes $1.6 million for 04/05, increasing to $1.7 million in subsequent years. A funding framework, linking the Ministry’s ongoing funding to changes in demand for its tenancy-related services, will also be developed, to keep future funding in line with changes in the rental housing market,” Steve Maharey said.
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