Trust Pack April 2022

New Zealand Housing Foundation
Board Pack
Tuesday, 26 April 2022

Housing Foundation Trust Meeting Agenda
Tuesday, 26 April 2022 1:00pm to 4:00pm
Nugent St Office and Online Teams Meeting
Items Action Who

A. Opening Karakia Note KA
B. Apologies Note All
C. Presentation from Susan Jenkins, CEO of Abbeyfield NZ Note All
D. Minutes/Matters arising from 21 March 2022 Note/Record SF
E. Conflict of Interest/Register of Interests Note All
F. Health and Safety and Wellbeing Report - March 2022 Note DF
G. Risk Register – Summary & Updates Note DF
H. Risk Appetite Statement for inclusion in Risk Appetite Framework Approved KA
Housing Foundation Reports Action Who
1. CEO
a. CEO Paper For noting DF
• Update on COVID-19 work practices
• Progress with developing cultural awareness and competency
• Update on funding requirement discussions with banks
• Submission led by Community Housing Aotearoa on draft Govt
Property Management Regulations
2. Financials
a. HF Financial Report to end of March 2022 For approval JC
b. Cash flow funding scenario For noting JC
3. Management Report: March 2022

a. Stakeholder Engagement Framework For approval RN
b. Operations summary report For noting JP
c. Development summary report For noting DF
4. Puhinui Park
a. Puhinui Park Financials March 2022 For noting TL / DF
b. Summary Puhinui Park Management report For noting TL / DF
5. General Business All
6. Closing Karakia KA
7. Trustee discussion Trustees
NEXT BOARD MEETING:

Monday 30 May 2022 - 1:00pm to 4:00pm
Nugent St Office and Online Teams Meeting
Trust Pack April 2022 1 of 66 21/04/2022

The Minutes of Meeting of NZ HOUSING FOUNDATION
Trustees and Management
Online Teams Meeting
Monday, 21 March 2022 1:00pm – 4:00pm
Present: Sandy Foster, Kate Armstrong, Tony Lanigan, Sarah Sinclair, Judy Whiteman, David
Kennedy, Melanie Hewitson, Maxine Shortland, Dominic Foote, Joanne Campbell,
Russell Ness, Jared Partridge, Marina Purdon.
Minutes: Marina Purdon
Apologies: Orchid Atimalala.
The meeting was opened with a Karakia led by Sarah S.
Appointment of new trustees

The Board of Trustees and management team welcomed Melanie Hewitson and Maxine Shortland
as new Board trustees. Melanie H and Maxine S were unable to attend the February Board meeting.
Minutes and Matters Arising 21 February 2021

The Minutes of the 21 February 2022 Board meeting were accepted as a true record of the meeting.
1. Sarah Sinclair (proposer) 2. Tony Lanigan (seconder)
Items on Matters Arising were updated as follows:

• Item 1 – The revised Risk Appetite Framework is scheduled for reporting and approval by
the Board in this Board meeting.
• Items 2 – The development of a Stakeholder Relationship Framework has been deferred to
the April 2022 Board meeting. Progress with this framework will be informed by the Board
approved Strategic Plan and aligned with the Business Plan.
• Item 3 – A process plan for developing and implementing cultural awareness and
competency programmes for HF will commence in April 2022 in line with the proposed
Strategic Plan.
Register of Conflict and Interests

The new trustees have been added to the Register of Conflict and Interests. Mel H, Orchid A and
Maxine S to confirm their list of Interests for inclusion in the Register.
The following corrections and updates will be made to the Register:
- David K has been appointed CE of Te Kaha Project Delivery Limited

- David K will be removed from Mayo Calder Ltd as Member Advisory Board.
Report back from the ARC meeting on 21 March 2022

Kate A provided a summary of outcomes from the 21st March Audit and Risk Committee meeting
held earlier that same morning. The ARC papers requiring Board approval were included in the
Board meeting papers.
Kate A as Chair of ARC verbally presented to the Board the ARC recommendations for Board
approval.

The ARC recommends the full Board approves:
1. The increase of the daily transaction limit of $1M on HF ASB bank account to $5M.
2. An update of account signatories with the retirement of trustee and signatory Ken S.
3. The use of a company credit card with a limit of $10,000 issued to the CE to cover business
expenses and monthly costs incurred by the CE subject to the draft credit card policy in the
March Trust meeting pack being updated in line with Board approved amendments to the
credit card policy.
4. The risk appetite framework provided in the March Trust meeting pack when this is discussed
in the CE section of the Trust pack.
Trustees were all in favour of approving the recommendations submitted by the ARC.
1. Sarah Sinclair (proposer) 2. Tony Lanigan (seconder)
Community Housing Regulatory Authority (CHRA) summary report

Marina P presented a summary of outcomes of the Annual Regulatory Report submitted to CHRA
for the 2021-2022 financial year.
HF submitted its Annual Regulatory Report in September last year and proceeded with CHRA’s
compliance review process against performance standards over a period of 6 months.
Upon providing additional and final information with regards to HF Residential Tenancies Act policies
and procedures, CHRA confirmed in February 2022 that HF had achieved a successful regulatory
audit with no additional action required.
Health & Safety and Wellbeing Report

The Health & Safety and Wellbeing report for the month of February 2022 was received at the March
2022 Board meeting.
No wellbeing or H&S incidents were reported for HF staff for the month of February. It was noted a
number of HF staff tested positive to Covid19 Omicron and were required to isolate, which impacted
health, workflow and wellbeing as staff navigated the recovery process.
HF Health & Safety report for February 2022 continues to indicate a low rate of Health & Safety
incidents and injury/illness on construction sites. Trustees queried how ongoing issues experienced
with Remack’s compliance to Health & Safety protocols are being monitored. Management advised
Remack is closely managed and monitored by HF Puhinui Park construction manager. PPLP has
specifically assigned a construction manager to support Remack to remain focused on Health &
Safety requirements. In addition, HF independent H&S auditor SafeSupport conducts regular site
inspections at Remack’s Puhinui site.
The impact of Covid19 on construction sites was queried. Dominic F advised HF is noticing delays
and disruptions to development programmes due to Covid19 impacting staff resources and the ability
for consultants to deliver their services. Disruptive delays are also occurring on sites with numerous
contractors required to isolate.
Trustees queried if construction contractors are sufficiently resourced to finish houses on time for
households to move in at the current 4 weeks’ notice. HF project managers on site are closely
monitoring progress with house programmes and completions to ensure there is minimum if any
delay in delivery for households. Dominic F advised that Auckland Council is particularly impacted
with limited experienced staff and staff shortages while processing exceptionally large numbers of
resource and building consent applications.
The Health & Safety and Wellbeing reports were noted by trustees.

Risk Register
The Risk Register was reviewed and updated by the management team in March 2022. A summary
of updates was reported and presented to the Board by Dominic F. The Risk Register was also
reviewed by the Audit & Risk Committee at the March meeting.
The Risk Register summary outlined that, since the previous review of the Risk Register in late
November 2021, ten (10) risks have been re-assessed and the risk exposure increased, as indicated
in the summary table. One (1) risk has been re-assessed and the risk exposure reduced.
Risk #27, build cost inflation caused by supply chain disruptions and fuel price increases, has been
identified as the highest risk for HF.
Trustees suggested mitigations for reducing staff resourcing pressures continue to be closely
implemented and monitored. A considerable amount for staff training, development and salary
increases has been allocated to the 2022-2023 Budget.
Dominic F advised a key longer-term risk for HF is that Auckland is becoming extremely unaffordable
for its affordable home ownership products to remain effective for its household demographic. HF
will likely need to review how its affordable home ownership products can remain effective in
Auckland, in addition to understanding the demographic cohorts that will benefit from its affordable
home ownership products.
Trustees were all in favour of approving the Risk Register summary of updates.
1. Sarah Sinclair (proposer) 2. Kate Armstrong (seconder)
CEO paper
Dominic F introduced the CEO paper to the Board of Trustees.
The paper consisted of the following sections:

• Covid19 update – for noting
• Revised Strategic Plan 2022-2026 – for approval
• Updated Risk Appetite Framework – for approval
• Business Plan 2022-2023 – for noting
• Update on HF Stakeholder Engagement Plan – for noting.
Strategic Plan 2022-2026

Following the February 2022 Board meeting, at the request of the Board of Trustees, trustees and
management met in a separate session on 14th March to review the Strategic Plan. As a result of
this session, the Strategic Plan was amended and presented in this paper for the approval of the
Board.
Trustees proposed an additional wording to Sustainability Strategy #4 - Action 1 – Define HF carbon

footprint, so it reads “Define and measure HF carbon footprint”.
Trustees suggested management involve a wider range of HF team members, especially younger
adults in defining and identifying sustainable practices for HF.
It was proposed the draft Strategic Plan 2022-26 is approved by the Board on the basis the above
proposed change to Sustainability Strategy #4 – Action 1 ‘Define and Measure HF Carbon footprint’
is included.
Trustees were all in favour of approving the Strategic Plan.
1. Tony Lanigan (proposer) 2. Maxine Shortland (seconder)

Risk Appetite Framework
Following the February 2022 Board meeting, at the request of the Board of Trustees, it was agreed
a panel of trustees meets separately with management to workshop criteria for ascertaining trustees’
appetite for risk when applied to the proposed risk appetite framework.
Trustees Kate A, Judy W, Orchid A and Sandy F met with management on 7th March to agree the
risk appetite framework which defines trustees’ risk appetite for HF strategies and its key business
areas of finance, compliance and operations.
This updated risk appetite framework is included in the March 2022 Board meeting Trust pack for
Board approval.
Kate A advised a risk appetite statement will be finalised and added to the framework when
completed. Kate A proposed management establishes risk tolerances for each area of business
activities. ARC members also recommended the risk appetite framework is reviewed and assessed
later in 2022 by an independent party following approval of the framework by the Board and the
inclusion of risk tolerances.
It was proposed the Risk Appetite Framework is approved by the Board on the basis the final risk
appetite statement, which will be referred to the Board for approval at the April 2022 Board meeting,
is incorporated in the framework.
Trustees were all in favour of approving the Risk Appetite Framework.
1. David Kennedy (proposer) 2. Judy Whiteman (seconder)
Business Plan 2022-2023

The Business Plan has been updated to align with amendments made to the Strategic Plan. The
Business Plan also aligns with the proposed Budget 2022-23 included in the financial section of the
March Trust pack. The Business Plan is for the information and noting of the Board of Trustees.
It was proposed the output measure statement of Strategy Objective #3 Business Plan Action #1 is
changed from ‘engagement is mana-enhancing and satisfactory’ to ‘engagement is mana-enhancing
and enduring’.
The Business Plan 2022-23 was noted by the Board of Trustees.
Financial Reports
Budget 2022-2023
The NZHF Budget 2022-23 was presented by Joanne C.
The cash flow payments on developments of $85M, consisting of land payments and development
works and construction, generates a net movement in cash flows of -$52M at the end of March 2023.
Trustees queried how HF is planning to fund the negative cashflow. Joanne C explained some of
the cash flow will be funded by a combination of existing cash reserves, TTF, PHO funding, expected
grant funds from Puhinui and house buyouts. There is no need for borrowing until the end of 2022.
There were concerns around using the majority of HF cash reserves to finance upcoming projects.
Joanne C advised HF will schedule to apply for bank loans ahead of cash reserves being
substantially reduced. In addition, HF has applied for additional PHO funding for Omokoroa,
Mangere and Cambridge.
It was proposed alternative scenarios are established with different assumptions for funding
structures including how these scenarios would impact HF cash flow before cash reserves are
substantially diminished.

Trustees were all in favour of approving NZHF Budget 2022-23 on the basis funding scenarios are
developed for review by trustees.
1. Kate Armstrong (proposer) 2. Mel Hewitson (seconder)
Financial reports to end of February 2022
The Financial Reports were presented to the Board by Joanne C.
As previously reported, cash flow is healthy and will remain healthy until the end of 2022 when
funding will be required to support the current developments. The statement of financial position
shows substantial variances to budget, as explained in the variances commentary. HF will receive
grant funds from Puhinui Park before March 22.
Statement of financial performance is concerning due to the overall delay in house completions. It
was noted the positive net income at the end of February 2022 is a function of capital gain from
household buyouts.
As previously noted in the 2022-2023 Budget section, substantial development finance will be
required from early 2023 to finance HF projects. House completions indicate 53 completions versus
budget forecasts of 106. Household buyouts remain substantial with 32 buyouts forecasted to the
end of the 2022 financial year. House completions will be considerable for the 2022-23 financial
year.
The Financial Reports were accepted and approved by the Board.
1. David Kennedy (proposer) 2. Kate Armstrong (seconder)
Management Reports
Operations Summary Report
The operations summary report was presented by Jared P.
The new household support managers are progressing well. Russell N will step down as General
Manager Strategy and Operations on 31 March 2022 to commence contracting to HF for specific
projects. Russell N was acknowledged for his contribution to the business and the organisation
during his years at HF.
Jared P is focusing on developing a pipeline for household allocations ahead of commencing

construction of existing projects. A marketing plan is currently being developed to proactively grow
the pipeline of household allocation opportunities.
The operations summary report was noted by trustees.
Development Summary Report
The development summary report was noted by trustees.
Puhinui Park
The Puhinui Park project plan has been updated and the programme indicates full completion of
houses by the end of 2022, excluding the apartment block. Miles Construction has recently signalled
they may experience delays with the completion of their houses by the December 2022 timeframe.
HF will be meeting with Miles shortly to understand the causes for the possible delays.

HF is focused on finding households and whanau, particularly for the Te Tumu Kainga properties to
allocate to Puhinui Park houses.
Planning for the B33/34 apartment block is in progress. A quantity surveyor and civil engineer have
been appointed to establish cost analysis and feasibility for construction in concrete versus
construction in engineered timber. HF will be able to provide additional information on progress to
the Board in the upcoming 4 weeks.
The previous financial report in October last year indicated a surplus of $6M and the current report
at the end of February 2022 indicates an increase to $11.5M. The substantial increase in surplus
was queried. Joanne C will review and advise the Board.
General Business
There were no items for general business at the conclusion of the meeting.
The Board meeting closed at 3.04pm with a Karakia.
Next Board Meeting

Tuesday 26 April 2022
1.00pm – 4.00pm
Online Teams Meeting
CHAIRMAN’S SIGNATURE __________________________ Date____26 April 2022_______

Sandy Foster

Actions Items – 21 March 2022
# Date Entered Action Item Who Due on or before Outcome Status
1 27 September 2021 Review HF strategies Management February 2022 The Risk Appetite Framework was
against its risk Team Board meeting approved by the Board at the March
management framework 2022 Board meeting on the basis the
and provide a risk appetite final risk appetite statement is
framework for the Board incorporated in the framework.
to review and determine
The final statement will be referred to
risk appetite against
the Board for approval at the April
strategic objectives
2022 Board meeting.
2 27 September 2021 Develop Stakeholder Russell N / February 2022 Board The Stakeholder Relationship
Relationship Framework Management meeting Framework will be presented at the
and report back to the Team April 2022 Board meeting for
Board approval of the Board.
3 21 February 2022 Develop cultural Dominic F A process plan for developing and
awareness and implementing cultural awareness and
competency across the competency programmes for HF will
Board of Trustees and HF commence in April 2022 in line with
Organisation. the approved Strategic Plan.

19/04/2022
HF Board of Trustees Register of Interests Date Updated Tuesday 19 April 2022
Date Added to Name Position Held Associated Party Nature of relationship

Register
13-Nov-17 Alexander Simpson Trustee Whitby Lakes (2014) Limited Director and Shareholder
Foster (Sandy)
Whitby Village (2009) Limited Director and Shareholder
Te Kainga Retirement Group Limited Director and Shareholder
Aegis Orewa Limited Director and Shareholder
Orewa Village Limited Director and Shareholder
AOL Holdings Limited Director and Shareholder
Scatterlings Investments Limited Director and Shareholder
Aegis Projects Limited Director and Shareholder
New Zealand Housing Foundation Chairman
Housing Foundation Limited Director
15-Apr-19 Housing Foundation No. 1 Limited Director
27-Jul-20 HF3 PHO Limited Director
17-Mar-21 Domhnall Assets Limited Director and Shareholder
17-Mar-21 Aegis Retirement Living Limited Director and Shareholder

Register
13-Nov-17 Kate Armstrong Trustee New Zealand Housing Foundation Trustee

Anglesea Trust Trustee
1-Dec-18 North Harbour Budgeting Services Trustee
15-Apr-19 Housing Foundation No.1 Limited Director
12-May-20 Vero Liability Insurance Limited Director
12-May-20 Vero Insurance New Zealand Limited Director
12-May-20 Asteron Life Limited Director

Register
13-Nov-17 Sarah Sinclair Trustee New Zealand Housing Foundation Trustee

15-Apr-19 Housing Foundation No.1 Limited Director
4-Nov-19 NZ Infrastructure Commission Director
9-Dec-19 MinterEllisonRuddWatts Chair and Partner
9-Dec-19 Christchurch Cathedral Reinstatement Trust Trustee

Register
13-Nov-17 Tony Lanigan Trustee A G Lanigan and Associates (2007) Limited Director and Shareholder
New Zealand Housing Foundation Trustee
Lanigan Trustee Limited Director
17-Oct-18 Puhinui Park GP Limited Director
Tamaki Makaurau Community Housing Limited Director
15-Apr-19 Housing Foundation No. 1 Limited Director

Register
19-Apr-22 David Kennedy Trustee Westhaven Marina Limited Director
21-Feb-22 Te Kaha Project Delivery Limited CE
19-Nov-21 Kaha Ake General Parnerships Ltd (Classic Chair
Homes - NZ Superannuation)
30-Jul-21 Beachlands South GP Ltd Chair
Stonewood Group Advisory Board
Te Arotake Future for Local Government Member Business Reference Group
Mayo Calder Ltd Member Advisory Board
22-Mar-21 Eke Panuku Development Auckland Deputy Chair
Grantley Holdings Limited Director
Cathedral Property Limited Director
Housing Foundation No. 1 Limited Director
Naylor Love Enterprises Director
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Register
6-Apr-21 Judy Whiteman Trustee Bank of India New Zealand Limited Independent Director
Shine Foundation Limited Director
Judy Whiteman & Associates Ltd Director & Shareholder
Centre for Social Impact Associate

Register
19-Apr-22 Orchid Atimalala Trustee FABRIC Body Corporate, Auckland Committee Member
Ministry of Education, Te Puna Hanganga Principal Advisor: Strategic
Matihiko (Property Delivery), Auckland
21-Feb-22 New Zealand Housing Foundation Trustee
For noting - Orchid's husband Stuart Bracey is
principal development planner at Kāinga
Ora.

Register
19-Apr-22 Melanie Hewitson Trustee Auckland Foundation Trustee
Foundation North Trustee
FINDEX Advice Services NZ Investment Independent Member
Committee
Nominating Committee for Waikato-Tainui Chair
Group Investment Committee
Ngāti Whātua Ōrākei Whai Maia Limited Independent Director
Ngāti Whātua Ōrākei Health Limited Director
Ngāti Whātua Ōrākei Education Limited Director
Simplicity NZ Limited Independent Director
Domain Name Commission Limited Independent Director
Fidelity Life Assurance Limited Independent Director
Fidelity Insurance Limited Independent Director
For noting - Mel's husband Nigel Hewitson is Ministry for Housing & Urban Development
Lead Commercial Adviser, Progressive Home
Ownership

Register
19-Apr-22 Maxine Shortland Trustee Foundation North Trustee
Waitangi Limited Director
Taumata Tirotiro Limited Director
Manatu Wahine, Ministry for Women Director
Mita Tipene Builders Limited Shareholder
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Housing Foundation Health and Safety and
Wellbeing Report – March 2022
Wellbeing
As per the agreed reporting of wellbeing indicators to the Board of Trustees, this report contains
reporting of both monthly and quarterly indicators, as noted below.
Monthly reporting
Wellbeing Incidents - HF Team Members
No wellbeing incidents were reported during the month of March 2022 for HF team members. A
number of team members tested positive for Covid19 in March, which resulted in periods of isolation.
Covid19 continues to impact HF work environment. Extended periods in isolation continued to create
pressure on staff and have impacted individual wellbeing.
Management continues to monitor signs of decreased wellbeing by keeping close contacts with all
team members. The wellbeing of team members is consistently assessed and addressed at weekly
meetings. Management also continues to encourage team members to engage with Ignite online
resources to support their wellbeing.
Training workshops for management
There were no updates to training workshops for management during the month of March.
Quarterly Reporting
EAP – Ignite Aotearoa
Data and trends from the activity generated in the Ignite portal during the January-March 22 quarter
was reported to HF by Ignite and is summarised below.
The number of active users subscribed to the Ignite online platform has increased from 18 to
a total of 23 users (this includes staff and trustees registered with Ignite). This increase is
mostly a function of the 6 new staff who joined HF in early 2022. As a result, the percentage
of active users has increased to 78% from 72% in the previous period/quarter.
There were no new bookings made for one-on-one support sessions and approximately 6
subscribed users have attended online workshops.
The uptake for completing wellbeing tests and assessments has increased by five (5) tests
and (4) tests completed respectively in January and March 2022. On average, 76% of
subscribed/active users have completed their wellbeing assessment to end of the quarter.
Based on the assessment tests, the Average Wellbeing rate of active users stands at 3.25
(scale 0-5, 0=poor wellbeing, 5=high wellbeing).
The wellbeing domains indicate the ‘Physical/Body’ domain continues to be the lowest rated
domain of wellbeing. The highest rated wellbeing domain is consistent with ‘Beliefs’, which
relates to people’s connection to meaning and purpose in life as well as trust and confidence
in oneself and greater self. The Wellbeing Survey will provide in-depth understanding of these
domains and how they impact people’s wellbeing.

HF Wellbeing Survey
The online Wellbeing Survey developed in partnership with Ignite was completed during the month
of March. The survey was sent to HF team members in early April and was open for responses for
seven calendar days. Ignite will collect results on behalf of HF and draw conclusions from the survey.
Results from the survey will be presented to the Board at the May 2022 Board meeting.
Review - Hours worked, Annual leave and Sick leave
Approximately half of all HF team members have tested positive for Covid19 to the end of March
2022. This has resulted in a number of team members taking sick leave during the isolation period.
In general, team members who were in isolation during the month of March have continued to work
from home and the overall impact on work delivery has been limited.
HF team members have been able to manage their responsibilities within their usual hours, although
a number of team members have worked longer hours to meet requirements and deadlines in their
respective functions.
One staff member suffered a sudden bereavement in their whanau resulting in five days
bereavement leave. They were supported through this time by both their team members and
management.

Health & Safety
There were no notifiable events reported in March 2022.
Health and Safety - HF Team Members
There were no Incidents or Injury/Illness reported in March 2022.
HF Construction Contractors
Construction works continue to operate under the requirements and protocols of HF Covid-19 Site
Management Plan, which meets the requirements of the Red light setting. HF together with its
independent H&S consultant SafeSupport is in the process of updating HF Covid-19 Protection
Framework Construction protocols, including Health & Safety minimum standards for upcoming
projects to include in the tender process with Construction Contractors.
Current projects are:
- Puhinui Park – Miles Construction, Remack Construction, Goldsmith Developments and

Goodwin Building Services
- Alamein Rd, Tamaki – Goodwin Building Services
- Hinaki, Goodwin Building Services.
There were no construction activities performed by Goodwin in Hinaki for the month of March. As
scheduled, Goldsmith will complete construction works at Puhinui Park by end of April.
SafeSupport, HF independent H&S consultant and auditor, conducted (3) site inspections during the
month of March 2022, respectively to Goodwin Building Services (Alamein Rd and Puhinui Park),
and Remack Construction (Puhinui Park). Conclusions from SafeSupport site inspections are
summarised below in the report.
Mates in Construction
Goodwin Building Services are progressing with the signup process with Mates in Construction.
There are no updates with Remack Construction or Goldsmith Developments becoming members
of Mates in Construction.
H&S Charts
Below is a table outlining the definitions of each category, based on the new reporting criteria
established in June 2021.

H & S Chart - HF Construction/Maintenance Contractors - January to March 2022
30
Jan-22
25 Feb-22
Mar-22
20
15
10
0
Number of
Inductions on
Notifiable Toolbox
Notifiable Incident/near Investigation Hazard Notice WorkSafe WorkSafe site over this
Injury or Illness Incident/near Observation(s) Meetings with
Injury or Illness miss for items 1-5 issued Visits Notice issued month
miss workers and
(number)
PCBUs
Jan-22 0 0 0 1 8 0 0 0 0 15 15
Feb-22 0 1 0 0 9 0 0 0 0 27 18
Mar-22 0 0 0 0 6 0 0 0 0 13 17
Current month of reporting - Quarterly YTD

All HF Construction/Maintenance Contractors March 2022 (January - March 2022)
Notifiable Injury or Illness 0 0
Injury or Illness 0 1
Notifiable Incident/Near miss 0 0
Incident/Near Miss 0 1
Observation(s) 6 23
Inductions on site over this month (number) 13 55
Number of Toolbox Meetings with workers and PCBUs 17 50

Injury or Illness reported by HF Construction / Maintenance Contractors for March 22
No. Class Description Immediate Action taken Follow up corrective Closed

actions out? Y/N
No Injury or illness
Reported.
Incident / Near miss reported by HF Construction /Maintenance Contractors for March 22
No. Class Description Immediate Action taken Follow up corrective Closed

actions out? Y/N
No Accident / near
miss reported.

Observations for HF Construction / Maintenance Contractors for March 22 - All Contractors
No. Observation(s) Mitigation Steps
1 Worker operating in public space Addressed with worker and closed out.
2 Housekeeping requires attention Entire site cleaned.
3 Housekeeping – untidy site Site cleared up.
4 Stored materials on site due to lack of space is creating poor access Rectified by creating space through improved storage of materials.
and egress on to site
5 Unwanted materials left on scaffold are creating trip hazards Contractors instructed to clear materials at the end of each working
day.
6 Scaffold requiring weekly sign off Rectified by signing off scaffold every 7 days.

Summary of conclusions from SafeSupport site inspections for March 2022 – All Construction Contractors
Goodwin Building Services – Alamein

SafeSupport conducted a site inspection at Goodwin’s Alamein site on 24th March. Implementation of Health and Safety protocols by Goodwin at the
Alamein site have considerably improved from the previous inspection in Frebruary. There were no specific areas for concerns identified during the
inspection.
Goodwin Building Services – Puhinui Park

SafeSupport conducted a site inspection at Goodwin’s Puhinui site on 24th March. Areas for concerns were identified during the inspection, as outlined
below:
• A formal subcontractor management plan needs implementing, including clear H&S requirements and monitoring that subcontractors are
working to the required Site Specific Safety Plans & Procedures (SSSPs).
• SSSPs are not visible on site to verify risk management.
• The site foreman responsible for the site in the absence of site manager (Russel G.) needs to receive formal training in H&S requirements.
• Housekeeping requires attention. Site is messy and unorganised and storage of materials requires clearing from main access ways.
• On site signage is insufficient.
• Scaffolder erecting the second storey scaffold was noticed without a harness. This was immediately referred to the site manager for corrective
action.
• Bricklayers on site had a lead with outdated tag.
The above issues were reviewed by HF in-house project manager to establish and implement a plan for corrective actions jointly with SafeSupport and
Goodwin Building Services.
Remack Construction - Puhinui Park

SafeSupport conducted a site inspection at Remack’s on 24th March. Areas for concerns were identified during the inspection, as outlined below:
• Management of subcontractors, including subcontractor assessment, SSSPs, consultation, performance and evaluation, needs improvement.
• Daily toolbox meetings are not held on a regular basis.
• Access ways need to be cleared from stored materials.
• Scaffold checks have not been completed due to disruptions with Covid19. SafeSupport recommends scaffold safe tags are removed until
scaffold inspections are conducted.
• SafeSupport recommends a traffic management plan is implemented to improve parking issues and vehicle movement on site.
Most issues outlined above were reported by Remack as observations in their H&S report to HF.
Goldsmith Development - Puhinui Park

Goldsmith is currently completing works and landscaping at Puhinui Park. Works are on target to finish by end of April 2022.

Miles Construction - Puhinui Park
Project at Puhinui Park is at finishing stage. Miles is currently completing works, including painting defects, curtains and landscaping. There were no
areas for concerns reported for the month of March with regards to Health and Safety.

Risk (and Opportunity) Register Summary
26 April 2022
Purpose of the Risk and Opportunity Register Summary
To provide updates to the Board of Trustees about changes that have occurred to the Risk and Opportunity
Register.
Month of reporting: April 2022

Most current review/version: 8 March 2022 – 220308 Risk Register v1.5
Action for Trustees: To note ☒ To approve ☐ To sign ☐
There were no updates to the Risk Register since the previous review and submission to the Board at the
March 2022 Board meeting.
Risk 27
As noted in the March 2022 Board paper pack the Risk Register was revised, with many risks having a
higher risk assessment than previous. Of these, Risk 27 ‘Build Cost Inflation’ was assessed to be an Extreme
risk for Housing Foundation as build cost inflation will have a significant impact on the financial viability of
its on-site developments and its approved, but not yet onsite developments.
This risk is being closely managed by the development project teams by having regular in person or by video
phone meetings with our construction companies. When actual (and probable) material and product supply
delays are flagged by our contractors we have worked with them to see how best they keep working and at
what expense.
At this stage none of our contractors have requested additional payment for increases in costs of materials
and products. However, while I do anticipate such requests in the future it is also possible (according to
some commentators) that hopefully significant build cost inflation has already been “baked” into the cost of
materials and products and that the issue facing the New Zealand construction sector is a more minor
inflation increase in the costs of materials and products. Though global pressures and head winds remain
strong, especially sourcing product from China, the economic impact of Russia invading of Ukraine and the
increased demand through growth from European markets.
Risk The Risk Summary of Update / mitigations Priority & Change

No. consequences Score after
mitigation
27 Build cost inflation Build costs rapidly Continue to apply mitigation Extreme - 20 No
caused by limited increase faster than steps as per existing Change
availability of house value. controls. from
materials and labour March
(Supply chain Projects become Be prepared to use 2022
disruption) jeopardised and approved alternative
financially at risk. materials and solutions.
Summary explanation of the Risk Matrix

Negligible - Minor- Major- Critical- Catastrophic-
insignificant minor impact major impact significant severe impact
impact impact
1 2 3 4 5
Frequent - likely to occur, 5
to be expected Medium High High Extreme Extreme
Probable - is likely to 4
occur Low Medium High High Extreme
Occasional - may occur 3
Low Medium Medium High High
Remote - unlikely to
occur, though possible 2 Low Low Medium Medium High

Risk Appetite Framework
Introduction
New Zealand Housing Foundation (NZHF) recognises that risk is an inherent part of delivering on its Mission, and identification and
management of risk is central to delivering NZHF’s strategic purpose. Risk may manifest in many forms and have potential to impact NZHF in
areas such as housing developments, health and safety, reputation, operations as well as financial sustainability. NZHF recognises whilst it is
not possible (or necessarily desirable) to eliminate every risk within NZHF’s business, understanding and managing risks and the acceptance of
some risk is often necessary to foster innovation, pursue new opportunities and deliver its strategic purpose. NZHF also recognises that some
risks arise from external factors beyond the NZHF’s control, such as economic and physical conditions and the regulatory environment.
This risk appetite statement represents high-level guidance that set parameters for business and risk management decisions made by NZHF
and its people.
Risk Oversight
NZHF’s Board bears overall responsibility for NZHF’s risk management framework and is responsible for setting the overall risk culture and
determining the appropriate level of risk NZHF is willing to accept.
This requires the Board to oversee the establishment and implementation of a sound risk management system and to periodically review its
effectiveness. To assist the Board in discharging its risk management responsibilities, it has delegated certain activities to the Audit and Risk
Management Committee. The responsibilities of the Audit and Risk Management Committee are contained in its charter.
Risk Management Framework

NZHF’s risk management framework is made up of the following documents:
 This Risk Appetite Statement
 The Risk tolerances
 The Risk Register
Risk Monitoring and Measurement

The Risk Management Framework is the primary mechanism to bring NZHF’s strategies and operational policies together to ensure appropriate
risk mitigation initiatives are implemented. The Audit and Risk Management Committee review the Risk Management Framework annually to
ensure that it continues to be sound and to determine whether there have been any changes in material risks NZHF faces. Subject to review
and recommendation from the Audit and Risk Management Committee, the Board approves the annual Risk Management Framework.

The role of the CEO is to ensure that NZHF operates within the risk appetite and the risk management framework set by the Board and to
ensure a culture of compliance throughout NZHF. The CEO and the Management team are required to continually identify, assess, mitigate,
review and report risks within NZHF so that they are managed at acceptable levels. They are also required to identify areas for continued
improvement and for the CEO to make recommendations to ARC and the Board regarding changes.
Independent Assurance and Checking

The External Auditor provides regular and independent assessment of the effectiveness of financial controls and processes in connection with
the preparation of NZHF’s financial statements and provides an opinion on the accuracy, validity and reliability of disclosed data and
information.
Risk Appetite
The Board has determined that NZHF will take risks commensurate with its charitable purpose and business activities, where it has the
capacity and capability to manage those risks.
NZHF’s current risk appetite in its key areas is described below. Over time NZHF may form a different view on some of these risks, in response
to changing economic and environmental conditions.
1. Strategic Risks
NZHF has a proactive approach to strategic planning. The Board is responsible for approval of the strategic objectives and initiatives to
ensure the continued sustainability of NZHF.
NZHF recognises that property development comes with a high level of risk including acquisition of properties, securing development
approvals and ensuring financial returns enable NZHF to remain sustainable and able to deliver to its strategic purpose. NZHF
recognises the risks inherent in the property development business but is hungry for opportunities to increase the supply for affordable
housing, noting that any significant risks in this area are carefully managed.
NZHF is hungry for the opportunity to develop its people systems and brand to support this. NZHF is also open to providing services to
support iwi and third parties and identifying sustainable policies and practices to support its vision. This means that NZHF has a higher
acceptance of any relevant strategic risks but noting that any significant risks are carefully managed.
2. Financial Risks
Risks NZHF faces in this area include those that are specific to any one development, including changes in land and commodity prices
and employment costs resulting in increased cost of works, and the inability to obtain funding to finance current and future development
activities.
All these types of risks could lead to reduced financial liquidity or loss. NZHF will maintain a strong balance sheet, cash reserves [with
appropriate gearing levels – depends on our future funding sources] and diversified sources of funding to support its planned business
activities.

While NZHF is open to progressing affordable housing developments, and using its existing capital reserves for reinvestment, it has no
appetite for financial losses, liquidity issues or poor financial or capital management and takes a cautious approach to maintaining
liquidity for core operations. However, NZHF is open to leveraging its asset base to source funding facilities and seeking new
opportunities for investment by third parties in its activities.
3. Compliance Risk
NZHF has no appetite for any intentional breaches of relevant law or regulation, breaches of its charitable deed or its general
operational policies and procedures or any internal fraud, theft, bribery or corruption. Therefore, NZHF will have strong risk mitigations
and careful management in all these areas to reduce risk of any such intentional breaches.
NZHF is committed to maintaining a safe working environment and the wellbeing of all its staff, contractors, suppliers, and its
households so people are protected from physical and psychological harm. It has no appetite for any practices or behaviours that may
lead to persons being harmed at work.
4. Operational Risks
NZHF’s most significant operational risks include:
a) People: NZHF relies on motivated and high-quality staff to achieve its strategic purpose. NZHF is open to empowering its people to
deliver on its strategic purpose however NZHF carefully manages significant people related risks appropriately.
b) Cybersecurity: NZHF has no appetite for cyber security breaches.
c) Technology and systems: NZHF is committed to ensuring that its technology and systems are properly managed in accordance with
privacy laws and business requirements. NZHF is open to how it manages the integrity of its systems to ensure this.
d) Business continuity: NZHF recognises that it cannot control external risks that may impact it but has minimal appetite for these risks
impacting its business.
e) Reputation: NZHF recognises that its reputation is one of its most important assets and therefore has a minimal approach to any
risks that impact its reputation.
f) Stakeholder relationships: NZHF recognises that it needs to enter into relationships with a number of third parties to enable it to
carry out its strategic purpose. These relationships may be with contractors, Iwi, Māori organisations, community organisations,
central and local government entities, funders or like-minded organisations. In recognising the importance of these relationships,
NZHF takes a cautious approach to the management risks arising from these relationships and any contractual obligations that
document them.

Risk Management Related Policies
NZHF maintains a comprehensive set of policies and procedures, which are part of NZHF’s Quality Management System (QMS) which are
regularly reviewed. The following policies and procedures are an integral part of NZHF’s risk management framework.:
 A Code of Conduct which applies to all levels of management and staff;
 Compliance Reporting, with multiple levels of review in respect of the preparation of formal documents, financial statements (including
half and full-year audits) and/or specific transactions documents;
 Conflicts of Interest reporting;
 Risk referral and incident reporting;
 Workplace Health and Safety compliance frameworks;
 Financial and operations delegations:
 Delegated approval authorities (Powers of Attorney and related policies);
 Whistle-blower Policy;
 Fraud and Corruption Prevention Policy;
 Disciplinary Policy
 Financial reporting;
 Disaster Recovery (including IT disaster recovery)
Definition of Risk Appetite Categories

1. Below are the definitions used to assess the proposed relative level of risk appetite against each of the strategic objectives.
 No Appetite: Avoidance of risk and uncertainty is a key organisation objective.
 Minimal: Preference for ultra-safe options that are low risk and only have a potential for limited reward.
 Cautious: Preference for safe options that have a low degree of risk and may only have limited potential for reward.
 Open: Willing to consider all potential options and choose the one most likely to result in successful delivery, while also
providing an acceptable level of reward and value for money.
 Hungry: Eager to be innovative and to choose options offering potentially higher business rewards, despite greater inherent
risk.

Board of Trustees Risk Appetite for Strategic Objectives
Categories: No Appetite – Minimal – Cautious – Open – Hungry.
Strategic objectives Relative Level of Risk Appetite Risk Appetite Statement

________________________ No Appetite: Avoidance of
risk and uncertainty is a
Lowest Highest key organisation objective.
Minimal: Preference for

1. Build more affordable homes, ______________________ X __ HF is Hungry for opportunities ultra-safe options that are
low risk and only have a
increase the range of housing to build more affordable homes
potential for limited reward.
opportunities that enable people to and increase the range of
belong to communities affordable housing opportunities Cautious: Preference for
across NZ. safe options that have a
low degree of risk and may
2. Develop people, systems and ______________________ X __ HF is Hungry for opportunities only have limited potential
brand to develop people, systems and for reward.
brand.
Open: Willing to consider
3. Provide services that support iwi, __________________ X _______ HF is Open to providing all potential options and
Māori and third parties services that support iwi, Māori choose the one most likely
to result in successful
and third parties.
delivery, while also
4. Define and identify sustainable __________________ X _______ HF is Open to defining and providing an acceptable
policies and practices for HF identifying sustainable policies level of reward and value
business activities and practices for HF business for money.
activities.
Hungry: Eager to be
innovative and to choose
options offering potentially
higher business rewards,
despite greater inherent

NOTE: Underpinning the Board’s assessment of its appetite for risk for these strategic objectives is a risk management framework that
supports business compliance in the key three risk areas of finance, compliance, and operations.
Board of Trustees Financial Risk Appetite

Financial Relative Level of Risk Appetite Risk Appetite Statement

key organisation objective.
Lowest Highest
ultra-safe options that are
1. Housing Developments _________________ X ________ HF is Open to progressing low risk and only have a
affordable housing potential for limited reward.
developments across NZ.
Cautious: Preference for
safe options that have a
2. Capital Reserves _________________ X ________ HF is Open to using existing low degree of risk and may
capital reserves for reinvestment only have limited potential
into houses. for reward.

3. Funding facilities _________________ X ________ HF is Open to leveraging its all potential options and
asset base to source funding choose the one most likely
facilities which will enable to result in successful
further land development delivery, while also
opportunities. providing an acceptable
level of reward and value
for money.
4. Liquidity ____________ X _____________ HF is Cautious when
maintaining liquidity for core Hungry: Eager to be
operations. innovative and to choose
options offering potentially
despite greater inherent

Board of Trustees Compliance Risk Appetite
Compliance Relative Level of Risk Appetite Risk Appetite Statement
Lowest Highest

1. Legislative and Regulatory _ X _____________________ HF has No Appetite for any
low risk and only have a
intentional breaches of potential for limited reward.
legislative and or regulatory
requirements. Cautious: Preference for
2. Charitable Deed _ X _____________________ HF has No Appetite for any safe options that have a
low degree of risk and may
intentional breaches of its
only have limited potential
charitable purpose as defined in for reward.
its charitable deed.
3. Health and Safety _ X _____________________ HF has No Appetite for all potential options and
breaches of its health and safety choose the one most likely
policies and commitment to safe to result in successful
and healthy workplaces. delivery, while also
providing an acceptable
4. Internal Fraud _ X _____________________ HF has No Appetite for internal level of reward and value
fraud, theft, bribery or for money.
corruption.
Hungry: Eager to be
innovative and to choose
5. General operational policies and _ X _____________________ HF has No Appetite for options offering potentially
procedures breaches of HF operational higher business rewards,
policies and procedures. despite greater inherent

Board of Trustees Operational Risk Appetite
Operational Relative Level of Risk Appetite Risk Appetite Statement
Lowest Highest
1. People _________________ X _______ HF is Open to empower people low risk and only have a
to deliver on the strategic potential for limited reward.
direction.
Cautious: Preference for
safe options that have a
2. Cybersecurity _ X _______________________ HF has No Appetite for cyber- low degree of risk and may
security breaches. only have limited potential
for reward.
3. Technology & systems _________________ X _______ HF is Open in how it manages
its ICT technology and its
all potential options and
investment in the integrity of ICT choose the one most likely
systems. to result in successful
delivery, while also
4. Business continuity ______ X ___________________ HF has Minimal appetite for our providing an acceptable
business activities being level of reward and value
disrupted. for money.
Hungry: Eager to be
5. Reputation ______ X ___________________ HF has a Minimal approach to innovative and to choose
reputational risks. options offering potentially
6. Stakeholder relationships ____________ X _____________ HF has a Cautious approach to despite greater inherent
the management of stakeholder
relationships and contractual
obligations.
7. Brand development _________________ X _______ HF is Open for opportunities to

develop its brand.

CE paper
26th April 2022
Purpose of paper
This is a short paper advising Trustees of progress on the following items.
1. COVID-19 work practices status: For Noting
2. Progress with developing cultural awareness and competency: For Noting
3. Update Strategic Objective #4: Define and identify sustainable policies and practices for HF
business activities: For Noting
4. Update on funding requirement discussions with banks: For Noting
5. Submission led by Community Housing Aotearoa on draft Govt Property Management
Regulations: For Noting
6. Puhinui Park Apartment building B33/B34: For Noting
7. Update on Recruitment: For Noting
1. COVID-19 policy and work status: For Noting

Strategic Objective #2: Develop people, systems, and brand
Strategic Action - Systems: Maintain healthy and safe working environment
1.1. With the Country now at Orange Alert settings our office-based team is being encouraged to
start working from the office. We know some staff are immunocompromised, and so we have
been clear with them that it is their decision whether they wish to work from home or the office
and that they will be supported with their decisions.
1.2. A flexible working policy is being developed. One of the key principles of the policy is that staff
in office-based roles can work from home for up to 40% of their working week if their working
from home environment supports safe work practices.
1.3. Our construction sites still maintain some C19 protocols, particularly maintaining work bubbles
and tracking the movement of contractors and sub-contractors.
2. Progress with developing cultural awareness and competency: For Noting

Strategic Action - People: Develop an inclusive environment that grows cultural
awareness and embraces diversity
2.1. I have recently met with a couple of organisations specialising in providing bi-cultural
programmes for Housing Foundation Trustees and Staff that enable us to grow our
understanding and awareness of te ao Māori and have the confidence we can grow stronger
relationships with iwi and Māori; particularly how relationships are framed by Te Tiriti o
Waitangi.
2.2. As Trustees have previously pointed out growing cultural awareness is also about developing
our understanding and awareness of cultural diversity and inclusion, so Housing Foundation
has a better understanding and knowledge of how to partner with different cultures.
2.3. As this is an organisation wide action, I intent to establish a small working group of Trustees
and staff to understand what is required and to lead the engagement with external
organisations and providers and also with HF Trustees and staff.
2.4. I will provide to Trustees in the May Board a programme and action plan, which will also set
out how Trustees and staff will be engaged.

3. Update Strategic Objective #4: Define and identify sustainable policies and
practices for HF business activities: For Noting
3.1. When Trustees approved the four Housing Foundation Strategic Objectives it was agreed this
sustainability objective needs to be well defined in order for HF to have a policy that not only
targets initiatives and actions that quick and simple to do, but also understand where in its
business operations HF is able to make big sustainable impacts.
3.2. In line with the objective of developing cultural awareness I am considering the establishment
of a small working group of Trustees and staff to understand and define what this objective
means for HF and jointly lead the engagement with external organisations who can assist in
the development of this objective.
3.3. To this end I have asked Mel H if she will present to the May or June Board meeting her
thought and thinking on what sustainability means and could mean for HF.
4. Updated Update on funding requirement discussions with banks: For Noting

Strategic Objective #1: Build more affordable homes and create more diverse inclusive
communities
Strategic Action: Identify Development Finance lenders/ financiers for HF
developments
4.1. This is just a short update for Trustees advising them of progress since John Powell (Partner
Russell McVeagh: Banking and Finance and husband of Kate A) presented to the February
2022 Board of Trustees his thoughts on possible development finance options HF could
consider.
4.2. This presentation as Trustees will recall, was arranged as Housing Foundation cash reserves
are insufficient to fund our committed developments over the following 18 months. The
projected cash flows assume the worse-case scenario that HF commits all its cash reserves
before drawing down development finance from a third-party finance entity such as a bank.
4.3. This worse-case scenario results in HF having no cash liquidity to insulate and protect it
against significant, unforeseeable financial or economic events. Committing all our cash
reserves to our developments also removes HF’s ability to act nimbly and quickly in actions
such purchasing land and or assets for development purposes.
4.4. John’s presentation took Trustees and management through different development finance
options which could be available to HF to minimise the risk of drawing on its cash reserves
and to help HF achieve greater development scale.
4.5. John in his presentation identified he had talked (with our approval) to several potential 3rd
party funding entities but had not identified to them who he was representing. Following the
Board meeting John was asked if he could contact these funding entities to see if they would
be keen to talk with Housing Foundation about securing finance and in particular their appetite
for how a corporate style funding facility could be established and utilised than the more
traditional development finance model which is secured against each individual development.
4.6. Three banks, ASB, BNZ and Westpac all agreed to meet (separately of course) with Sandy,
Joanne, myself and John (who was purely in support and not as Russell McVeagh). These
high-level introductory meetings were useful as the banks were able to confirm their interest in
HF and were able to set out key considerations for how development and corporate finance
could be secured for HF to apply to its developments.
4.7. The next steps are with HF. We have undertaken to provide them in May with details of our
cash flows and balance sheet, our committed development pipeline and anticipated
development pipeline, how we may structure our developments and what are our revenue
sources.
4.8. In the interim Joanne has provided in the Finance report, as requested by Trustees in the
March Board meeting a cash flow scenario showing the amount of development finance

required and its duration on the assumption HF holds back $15m of cash reserves as
contingency for unexpected financial and economic circumstances or to quickly purchase land
and assets for development.
5. Submission led by Community Housing Aotearoa on draft Govt Property

Management Regulations: For Noting
Strategic Action - Brand: Advocate for the affordable housing sector
5.1. The Government, through the Ministry of Housing and Urban Development (HUD) has recently
sought feedback on proposals for the regulation of residential property managers.
Submissions closed on 19 April 2022.
5.2. The HUD discussion document sets out the intent of the draft Property Management
regulations and then asks questions of the intent of the regulations, how the regulatory system
should function and who should be covered by it.
5.3. Their stated purpose of their proposed regulations is to “promote public confidence in the
delivery of residential property management services and protect the interests of property
owners, tenants and other consumers”.
5.4. HUD believes their proposed regulations will help promote public confidence in how residential
property management services are delivered and protect the interests of property owners,
tenants and other consumers by:
5.4.1. Establishing professional entry standards for residential property managers
5.4.2. Establishing industry practice standards
5.4.3. Provide accountability through an independent disciplinary and complaints resolution
process
5.5. Community Housing Aotearoa (CHA), which is the peak body for the community housing
sector, represents 75 community housing providers and 30 partner members, such as
councils, developers and consultants.
5.6. CHA has submitted to HUD on behalf of its members, including Housing Foundation its
feedback on HUDs draft Property Management regulations.
5.7. Broadly, CHA and HF support the need to provide protection for property owners and tenants
renting properties managed by a third party, by improving through the establishment of
standards the quality of property management services, the establishment of a Disciplinary
Tribunal to mediate disputes and an authority for overseeing and managing Property
Management entities and Property Managers and their professional development.
5.8. CHA and Community Housing Providers (CHPs) disagree with the broad statement that “the
regulatory system should apply to individuals and organisations providing property
management services operating in the private, community and public sectors”.
5.9. CHA and CHPs agree that CHPs regulated by the Government’s Community Housing
Regulatory Authority (CHRA) should be excused from these regulations on the basis CHP
property management and tenancy services are regulated by CHRA across five performance
standards. These performance standards are set at a compliance threshold which exceed
those HUD have indicated will be included in the Property Management Regulations.
5.10. If CHPs are not excused from these draft Property Management Regulations, they will add an
unnecessary layer of additional administrative and reporting requirements to the operating
business of Housing Foundation and CHPs.
5.11. The CHA submission will be circulated separately once available

6. Puhinui Park – B33/B34 Apartment building: For Noting
6.1. Trustees will note in the Board pack the Puhinui Park summary report which is a summary
report of the Management report produced for the Puhinui Park General Partnership board
meeting that design work for the proposed five level, 26 apartment building (located on the
land identified as B33/B34 in the Puhinui Park paper) is progressing well.
6.2. A structural engineer and a fire engineer are working with the architect and Hargrave Project
Management to develop the concept design for construction in either concrete and steel, the
traditional construction method or predominately in engineered timber, which is a more
sustainable and more carbon neutral. The construction options are close to being completed
sufficiently by the consultants for the two different options to be costed by a Quantity Survey
so the construction costs of building in concrete and steel or predominately in engineered
timber are better understood.
6.3. Once there is clearer understanding of the difference in costs of constructing in engineered
timber or concrete and steel the designs and construction options will need to be presented to
the HF Board of Trustees for discussion and approval of the way forward, the construction way
forward.
6.4. To keep on programme; our Development Agreement with Eke Panuku has a sunset
development completion date for all development activity of December 2024, the Puhinui
project management team is targeting presenting to the PPLP Board on 23rd June the
approved construction options from HF and Te Tumu Kainga.
6.5. As it is unlikely to have the construction cost options available in time for a presentation to the
May HF Board of Trustees meeting it is very likely that I will ask for a special meeting of HF
Trustees in early June.
7. Update on Recruitment: For Noting

Senior Development Manager position
7.1. As Trustees will be aware following the resignation of Tom Kemp at the end of 2021, I have
become quite heavily focused and involved in supporting the new development team, helping
and guiding them with their work to ensure the delivery of our approved development projects
remain on programme.
7.2. At the same time, since the start of 2022 I have been searching for a new Senior Development
Manager. I hope my search for the right person for this role is finally over, as I hope to be able
to agree terms with a candidate whom Sandy and I interviewed after the Easter break. If terms
are agreed the new appointment will be able to start in early June.
Omokoroa: Development Manager
7.3. I have also been able to appoint Aidan Craig on a fixed short-term contract to progress the
Kayelene Place, Omokoroa scheme development for resource consent lodgement, which has
been stalling.
7.4. Aidan started on 4th April and is already making a significant impact on progress.
Business Support role and changes to roles
7.5. When Russell N told me in 2021 that he was stepping down at the end of March from his role
as GM Strategy and Operations it was obvious I needed to make some changes to the roles to
take on and be responsible for the work Russell was responsible for. The biggest change was
employing Jared P as our Operations Manager and responsible for the household team and
the delivery of our household management services to our households and on-behalf of our
partners, such as TRC and Te Tumu Kainga.
7.6. I have asked Marina P as our Business Manager to take on the additional responsibility and
co-ordination of the delivery of our Strategic Plan objectives and their connection with the
Business Plan actions and how they inform and shape our business delivery, inform and re-

shape our staff development plans. In addition to ensuring our business systems (ICT, QMS,
etc) are aligned to and support our plans and objectives.
7.7. In-order for Marina to take these additional roles on, I have needed to create a new Business
Support role, this role taking on the administration roles and supporting the Board of Trustees
including taking Board and Committee minutes, arranging meetings and so forth. This new role
will report to Marina.
7.8. I hope, subject to terms being agreed to announce within a few days the appointment for our
Business Support role.
Dominic Foote 26 April 2022

NZHF ‐ Cash Forecast
Consolidated cash position
y/end Mar y/end Mar

Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 23 24
Opening bank balances ‐ NZHF 35,424,606 33,093,682 33,600,209 20,033,304 22,637,340 18,988,771 12,680,772 8,757,310 4,656,437 4,516,230 1,682,351 3,798,827 35,424,606 2,424,068
Cash flow from operations

Rent 120,038 108,432 118,925 100,784 92,186 104,350 80,876 75,852 84,417 68,913 61,006 60,486 1,076,265 731,069
AE Mgt fees 116,100 116,100 150,000
Service fees (PUH,third parties & other) 27,400 26,000 167,173 26,000 26,000 167,173 38,250 26,000 167,173 20,000 20,000 173,423 884,590 719,460
PHO Grant 54,000 151,200 86,400 291,600 280,800
Crown grant from Puhinui 1,657,000 1,657,000
Interest rec'd 9,505 9,505 5,422 5,422 5,130 3,380 2,213 1,047 755 42,378
Less expenses
Office & overhead (177,408) (182,914) (241,616) (221,108) (233,608) (289,248) (230,623) (231,660) (241,895) (194,619) (218,119) (273,594) (2,736,412) (2,571,908)
Projects - PUH, Iwi etc (61,000) (64,000) (69,000) (89,000) (89,000) (84,000) (86,000) (89,000) (81,000) (61,000) (89,000) (74,000) (936,000) (498,000)
Rent portfolio direct costs (22,263) (24,184) (21,354) (23,242) (38,663) (19,534) (31,821) (20,092) (17,263) (15,446) (17,367) (32,542) (283,770) (168,842)
Net cash from operations 12,372 (73,160) (40,450) (201,145) (237,955) (117,880) (227,105) (237,852) 63,387 (182,152) (157,081) 1,510,772 111,750 (1,357,421)
Cash flow from loans

TTF and PHO (net of borrowings & repayme (57,471) 1,108,125 413,125 (6,875) (6,875) 614,125 407,125 (6,875) 2,018,125 (6,875) 1,343,125 895,408 6,714,187 15,544,783
Cash flow from house churn

Rental buy outs 868,750 770,000 932,500 807,938 720,000 720,000 1,711,250 751,250 813,750 8,095,438 5,388,250
Equity buy outs 422,500 422,500 422,500 422,500 211,250 422,500 422,500 211,250 211,250 422,500 211,250 3,802,500 3,802,500
422,500 422,500 1,291,250 1,192,500 1,143,750 1,230,438 1,142,500 931,250 1,922,500 1,173,750 1,025,000 11,897,938 9,190,750
Development projects
Cash in - sales 970,900 3,811,220 2,889,480 3,711,000 2,877,000 479,500 4,243,240 976,800 7,305,294 488,400 4,574,658 1,429,500 33,756,992 63,491,049
Cash out - builders/development costs (3,679,224) (4,762,158) (18,120,310) (2,091,444) (7,424,489) (8,514,181) (9,489,223) (5,764,196) (11,449,513) (3,133,251) (4,817,977) (6,235,439) (85,481,405) (87,966,773)
(2,708,324) (950,938) (15,230,830) 1,619,556 (4,547,489) (8,034,681) (5,245,983) (4,787,396) (4,144,219) (2,644,851) (243,319) (4,805,939) (51,724,412) (24,475,724)
Net cash movement total (2,330,924) 506,527 (13,566,905) 2,604,036 (3,648,569) (6,307,999) (3,923,462) (4,100,873) (140,207) (2,833,878) 2,116,475 (1,374,759) (33,000,538) (1,097,611)
Closing cash balances 33,093,682 33,600,209 20,033,304 22,637,340 18,988,771 12,680,772 8,757,310 4,656,437 4,516,230 1,682,351 3,798,827 2,424,068 2,424,068 1,326,457
$12m ‐ 60 days due 15/5/22 ‐ 0.36% The current cash flow (based on current development programmes) forecasts that we will need bank funding early next year, with a facility of approx $15-$20m.
$6m ‐ 6 mth deposit due 3/5/22 ‐ 1.18% It should be noted that whilst loan drawdowns are not included above (because facilities are not yet secured), each development facility calculates a funding cost amount
$9m ‐ 3 mth deposit due 1/6/22‐ 0.8% based on assumed borrowings and cash to pay for these funding costs are already included in these cash flows because the cash flow is built on the assumption
that all costs in a developments feasibility will be spent.
This cash flow assumes receiving PHO loans for Cambridge, Mangere and Omokoroa which has now been applied for. If successful we may be able
Balance in an on call deposit act to draw the funds more quickly than this cash flow allows.
‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
NZHFTrust
Financials/budgets/9.
Pack April 2022 mar 22 trustees fin rpt.xlsx cash flow 33 of 66 19/04/2022 7:09 pm
21/04/2022
New Zealand Housing Foundation
Statement of Financial Position (consolidated)
As at 31 March 2022
Actual Budget Last report

31-Mar-22 31-Mar-22 variance 28-Feb-22
Assets
ASB & Kiwibank - NZHF 35,424,606 26,468,880 8,955,726 33,749,545
ASB - NHE funds 253,463 290,108 (36,645) 270,958
ASB - Waimahia funds 354,963 400,079 (45,116) 374,608
Accounts receivable & Sundry debtors 241,345 160,927 80,418 118,657
Rebate and Grant due from PPLP 3,486,356 2,042,782 1,443,574 2,944,782
Work in Progress on projects 10,892,380 11,161,232 (268,852) 11,968,837
Nugent St, office furn & computers 2,029,441 2,104,635 (75,194) 2,089,397
Land & Bldgs (rental/SO) 54,960,643 65,444,474 (10,483,831) 54,485,751
PPLP equity 1,878,580 1,878,580 0 1,878,580
Liabilities
Accounts Payable, PAYE & Accruals 686,876 875,974 189,098 1,363,373
Retentions 33,742 85,832 52,090 33,742
GST payable (receivable if negative) 627,648 138,553 (489,095) (308,799)
NHE - grant facility 251,299 290,059 38,760 264,919
Waimahia - provision for maintenance 354,919 400,034 45,115 357,203
Loan from Tindall Foundation 5,441,767 6,137,310 695,544 5,446,548
Loan from PHO fund 3,400,000 5,329,105 1,929,105 3,400,000
Total Liabilities 10,796,252 13,256,867 2,460,615 10,556,986
Equity 98,725,526 96,694,830 2,030,696 97,324,130
Explanation of major variances
Bank balance
Rebate and grant due from PPLP
This is to accrue for the difference between price paid (market value) and cost ($2.8m) and for grant money (0.7m) due on houses alrea
purchased. This accrual now includes the Mar 22 year. The cash for this will be received at the end of the project.
Work in Progress -
Whilst WIP has a smalll variance there are significant variances between projects. Alamein is $5.5m overspend because it had
been budgeted to be complete with houses sold by now. 6 houses are complete but are unable to sell because Titles are not yet issued.
Hinaki has an underspend of $7m as this project is well behind budget. Construction will be starting shortly.
Mangere West has spend of $852k and Omorkoira $565k that were not budgeted.
Land & Buildings - below budget due to the higher than budgeted number of buy outs, and completions
being slower than budget (mainly Puhinui and Alamein).
Loan from TTF - this variance is for the last house in their portfolio. We will claim this from TTF once the CCC has been received
Loan from PHO fund - this variance is for houses at Flatbush DG 12. Houses are now complete and the fund drawdown will be actioned

New Zealand Housing Foundation - Statement of Financial Performance (consolidated)
For the period from 1 Mar to 31 Mar 2022
Actual Budget Actual Budget

Mar 22 Mar 22 Variance Yr to date Yr to date Variance
Development income
Property Sales 3,340,456 1,855,690 1,484,766 11,862,998 31,198,821 (19,335,823)
Less Property Purchases (2,541,204) (1,855,000) 686,204 (10,146,432) (29,543,036) (19,396,604)
Gross Profit from Sales 799,253 690 798,563 1,716,565 1,655,785 60,780
Rent received 124,355 99,958 24,397 1,436,013 1,371,959 64,054

Fees for services (third party & SO HH's, misc) 190,623 192,059 (1,436) 1,275,114 1,164,644 110,470
Interest Received 24,119 8,858 15,261 225,579 112,792 112,787
Grants received 873,619 2,097,200 (1,223,581) 985,159 2,234,400 (1,249,241)
Capital Gain & Depreciation recovered 378,310 325,000 53,310 4,768,420 1,965,500 2,802,920
Operating Income 2,390,280 2,723,765 (333,485) 10,406,850 8,505,080 1,901,770
Expenses
Office, comms, travel, D&O insurance 28,712 18,073 (10,639) 202,110 207,094 4,984
Depreciation 575,721 492,000 (83,721) 575,721 492,000 (83,721)
Insurance (rental houses) 10,129 5,092 (5,037) 69,236 68,577 (659)
Interest paid 52,690 99,178 46,488 76,983 123,873 46,890
Professional (legal, consult, valns, audit) 60,089 38,000 (22,089) 324,457 181,000 (143,457)
Rates & Maintenance 3,050 15,817 12,767 207,235 190,402 (16,833)
Salaries & ACC 160,784 100,923 (59,861) 1,377,341 1,272,662 (104,679)
Trustee costs 16,249 27,125 10,876 115,978 117,500 1,522
Projects: PUH, Iwi, new, other 81,461 73,260 (8,201) 674,240 1,099,120 424,880
Total expenses 988,884 869,468 (119,416) 3,623,301 3,752,228 128,927
Net income/(loss) 1,401,396 1,854,297 (452,901) 6,783,549 4,752,852 2,030,697
Statement of Financial Performance Commentary

Current month Year to date
Property Sales - (house completions) Actual Budget Actual Budget
For HF Puhinui 3 10 25 significant delays due to lockdown
Flatbush 2 8 8
Alamein 5 first 6 are complete, waiting for titles to settle
Short St 2 project not proceeding
5 - 18 40
For others Puhinui 2 30 54 significant delays due to lockdown

Alamein 9 build is underway, target completion from Apr 22
Hinaki 3 3 project delayed, construction start mid 22
2 3 30 66

Total 7 3 48 106
House movement Current Month Financial year to date Current

Equity Rental Equity Rental Total
# at beg of mth 146 53 158 58 216
House completions 4 1 16 2 18
Family buy outs (3) (29) (4) (33)
Staircase from HS to SO 2 (2) -
# at end of mth 147 54 147 54 201
Variations
Profitability Gross Profit from sales this month includes the annual rebate journal from PPLP - $750k
Rent - March is a 5 week month vs an annual spread on the budget and a number of rental houses due to buy out
or transition this year didn't, so are still paying rent
Grants - Grant from PUH is less than budget due to completions being behind budget
Capital Gain - High variance will continue as more HH's are buying out than budgeted.
Office, comms, travel Website - $12k this month, these costs had been budgeted earlier in the year.
Salaries March has three fortnightly payments, vs budget being a monthly split. YTD variance due to increased staff numbers
Professional - Consulting fees Variance is modelling for older adults and different tenures, recruitment, cyber security, one drive records review
Project costs ytd - Seed money incurred on Mangere West has been moved to Work in Progress - $91k
Other budgeted project costs (Hastings, Youth, Older Adult, kiwibuy) have not been incurred
Costs currently incurred in seed money is on the Flaxmere RFP.

Housing Foundation No 1 Ltd
Statement of Financial Position
As at 31 March 2022
Actual Budget Variance
Assets
Bank 128,886 39,258 89,628
Accounts receivable (rent in advance if negative) (3,421) 3,421
Land & Bldgs (rental) 3,358,056 3,333,947 24,109
Land & Bldgs (equity) 1,420,370 1,420,370 -
Total assets 4,907,312 4,790,154 117,158

Liabilities
Accounts Payable and accruals 55,093 - 55,093
Interco NZHF 695,000 - 32,839 - 727,839
Loan from Tindall Foundation 4,152,836 4,847,836 695,000
Total Liabilities 4,902,929 4,814,997 (87,932)
Equity
100 Fully paid shares 100 100 -
Net Income 4,283 (24,943) (29,226)
4,383 (24,843) (29,226)
Total Liabilities and Equity 4,907,312 4,790,154 (117,158)
Statement of Financial Performance

For the period from 1 Mar to 31 Mar 2022
Mar 22 Budget YTD actual YTD budget

Income
Annual Management fee 7,200 7,200
Rent 12,045 11,589 120,518 128,928
Total Income 12,045 11,589 127,718 136,128
Expense
Bank fees 5 4 50 48
Depreciation 39,463 31,000 39,463 31,000
Household management 11,050 13,150 22,050 26,300
Insurance 3,368 6,861
Rates 8,698 8,550
Maintenance 2,500 2,500
TTF yield 50,596 96,957 50,596 96,957
Total Expense 104,482 143,611 127,718 165,355
- 92,437 - 132,022 - - 29,227

NZHF Financial Statement by Grant/Operations
From 1 April 2021 - 31 March 2022 Grant Operations TOTAL
Development income
Property Sales 11,862,998 11,862,998
Less Property Purchases - 10,146,432 - 10,146,432
Gross Profit from Sales - 1,716,565 1,716,565
Rent received 1,436,013 1,436,013

Fees for services (third party, SO HH's, misc) - 1,275,114 1,275,114
Interest Received 212,184 13,395 225,579
Grants 860,000 125,159 985,159
Capital Gain & Depn recovered 4,768,420 4,768,420
Operating Income 7,276,617 3,130,233 10,406,850
Expenses
Office, comms, travel, D&O insurance 202,110 202,110
Depreciation 515,764 59,957 575,721
Insurance (rental houses) 69,236 69,236
Interest paid - 76,983 76,983
Professional (legal, consult, valns, audit) - 324,457 324,457
Rates & Maintenance 207,235 207,235
Salaries & ACC 142,718 1,234,623 1,377,341
Trustee costs - 115,978 115,978
-
Projects: PUH, Iwi, other - 674,240 674,240
Total expenses 934,953 2,688,348 3,623,301
Net income / (loss) 6,341,664 441,886 6,783,549

NZHF - House Completions forecast - Actuals to 31 March 2022
From From From
Apr-21 Apr 22 Apr 23

to Mar to Mar to Mar
Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 22 23 24
Puhinui HF 3 3 5 7 1 1 1 10 18
Others 2 5 1 3 5 2 1 8 1 7 30 33
Alamein HF 3 2 5
TRC/MKT 3 6 9
Hinaki HF 9 6 8 23 18
Other 2 1 3 12
Park Green HF 2 2 4 2
Flatbush HF 2 2 2 1 8 5 2
Cambridge Tce HF 11
Others 4
Mangere West HF 36
Others 16
Omokoroa HF 4
Others 4
Total (month) 7 8 8 6 9 12 3 10 10 14 1 10 9 48 100 109
Cumulative from April 21 48 56 64 70 79 91 94 104 114 128 129 139 148

NZHF - Arrears 31-Mar-22
Rental Arrears 54 rental houses
Jan-22 Feb-22 Mar-22

Weekly Amount in Amount in Amount in # of weeks
Address rent arrears arrears arrears in arrears
10 Apa St 503 668 618 0.0
26 Ipukarea 510 573 1.1
59B Taniwha 573 143 0.2
5 Hitori 567 842 226 0.0
63 Haroto 494 613 780 1.6
2,647 1,510 1,457 1,496 0.6
Annual Management Fee arrears 147 houses
Reported below are households that still owe any part of the fee that should
have been paid off by 31/3/21. Amount shown below as owing excludes the invoice
charged on 1/4/21 for the year to 31/3/22
# of households 5 5 5
Value $ 3,790 $ 3,428 $ 3,188
Houses managed for TTK

Equity Com Rental Rental Total
49 7 20 76
TTK rental arrears Jan-22 Feb-22 Mar-22

Weekly Amount in Amount in Amount in # of weeks
rent arrears arrears arrears in arrears
26 Taiaapure Street 545 572 479 45 0.1

40 Ipukarea 608 195 195 0.0
59 Kaimoana 600 758 1,758 2,758 4.6
48 Ipukarea 516 56 0.0
106 Kaimoana 371 371 371 0.0
2,639 $ 1,896 $ 2,858 $ 2,803 0.9
TTK Annual Management Fee arrears
Reported below are households that still owe any part of the fee that should
have been paid off by 31/3/21. Amount shown below as owing excludes the invoice
charged on 1/4/21 for the year to 31/3/22
# of households 2 2 2
Value $ 2,184 $ 2,144 $ 2,094

Housing Foundation Limited - house completions Mar-22
H/H gross
Affordabe Equity Cost Price Valuation Date of HFL % Family % Sale price H/hld H/hld Total h/hld H/hold Size # of
income
HFL share Pre sale settlement to H/hld deposit mortgage contribution Adults Children b'rms
66 Haroto Street 231,248 700,750 24/03/2022 33% 67% 700,750 25,502 444,000 469,503 59,758 1 2 3
58 Haroto Street 229,598 695,750 24/03/2022 33% 67% 695,750 76,152 390,000 466,153 81,675 2 2 3
51 Dungloe Ave 201,250 897,600 10/03/2022 23% 77% 875,000 105,000 568,750 673,750 95,327 4 3 4
53 Dungloe Ave 148,750 897,600 4/03/2022 17% 83% 875,000 43,750 682,500 726,250 87,000 3 2 4
Total 810,846 3,191,700 3,146,500 250,404 2,085,250 2,335,656 323,760 10 9 14

Average 230,423 698,250 33% 67% 698,250 50,827 417,000 467,828 70,717 1.5 2.0 3
Rent per Origination Savings

Affordable Rental Cost Price Valuation
week price to reqd per H/hld size # of
HFL Pre sale H/hld week Adults Children b'rms
60 Haroto Street 695,000 695,750 585 695,750 20 2 3 3
Total 695,000 695,750 585 695,750 20 2 3 3

Average 695,000 695,750 585 695,750 20 2.0 3.0 3

New Zealand Housing Foundation - KPIs Mar 22
HF houses by location
Houses owned by HF
200 250
158 198
147 200 186
150
150
100
100
54 50
50 50 18 15
4 4
0 0
SO CR Rent to buy Auckland Chch
Last Yr Current Last Yr Current
Shared Owner houses ‐ age Rental houses ‐ age

120 60
103 51
100 85 50
40
80 40
60 30
40 32 33
24 20
15 11
20 8 5 10 7
3
0
0
>10 yrs 7 ‐ 10 yrs 5 ‐ 7 yrs less than 5 yrs
7 ‐ 10 yrs 5 ‐ 7 yrs less than 5 yrs
Last Yr Current
Last Yr Current
Third Party houses managed by HF # of houses bought out to full ownership

80 73 76
70
38
60
50
40 33
30 24
20 12 15 172
4 3 6 6 7 7
10 1
0
TTK TRC Wayne Port Waikato Ka UruoraNgai Tahu
Francis Nicholson Tanui Shared Owner Rental
Trust
Last Yr Current
Avge time taken to family buy out

Vacant houses: (yrs)
26 Taiaapure Street (Waimahia) - TTK house
40 Tutuwhatu Street (Waimahia ) - TTK house - new family 21/4
422 Weymouth Road (Waimahia) TTK house
3.98
5.04
Shared Owner Rental

NZ Housing Foundation ‐ Grant Liability As at 02/03/2022
Adjusted conditional Liability (incl # of

Original # of Grant released from Capital gain on grant (@ same % of Total Sale adjusted grant as houses
houses Original Grant $ houses sold $ houses sold $ sale price) proceeds reqd by SHU) sold
ASB 45 1,090,000 1,017,334 2,500,101 8,737,505
AKCC 31 3,232,595 2,920,483 2,027,345 4,953,833 2,920,483 27
HIF 2010 30 3,000,000 2,900,000 1,811,569 6,497,722 2,900,000 29

HIF 2011 13 1,500,000 1,153,843 422,446 1,435,142 1,153,843 10
HIF 2011 Chch 7 800,000 228,571 228,571 2
SHU 1 65 8,864,000 4,982,891 2,345,669 7,747,141 8,897,550 7,747,141 37
SHU 2 20 4,178,000 1,253,460 286,605 1,574,283 1,352,955 1,574,283 6
SHU 3/ Rata Chch 10 2,309,700 409,146 23,700 453,810 241,950 453,810 2
SHU WEY 67 11,454,731 4,811,346 3,615,990 6,592,239 8,694,650 6,592,239 29

Puhinui 60
348 36,429,026 19,677,074 13,033,425 16,367,473 40,811,306 23,570,370 142
Less cash reinvested SO houses ‐ calculated as HFL owned % of sale price to family 9,973,627 61
HS‐ calculated as 100% of cost (could be reduced by debt as and when needed) 11,718,079 22
21,691,706 83
1,878,664 59
Grant rules Definition of liability

ASB not included no ongoing commitment, so not included in liability
AKCC original amount only Invest original grant in Akld Isthmus ‐ must provide min 30 dwellings and must reinvest released equity from sales
HIF 2010 original amount only Invest original grant for 25 years, into housing. No house # or cap gain specified
HIF 2011 original amount only Invest original grant for 25 years, into housing. No house # or cap gain specified
SHU (all) original amt adjusted re cap growthLiability is original grant % adjusted to same % of the sale value
eg: if original grant was $100k on a $400k house = 25%, if house then sells ta $600k adjusted grant becomes $150k (being 25% of $600k)
BUT: agmt requires all sale proceeds to be reinvested in social (HF Affordable) housing projects.

Bank funding facility scenario
At the last board meeting it was suggested we prepare a cash flow scenario to incorporate bank
loans to maintain approx. $15m in the bank at all times. This figure is somewhat arbitrary but does
give a starting point.
The cash flow below shows the original budget cash flow as approved at the last board meeting and
a cash flow scenario that shows draw downs from a bank facility.
The following should be noted when considering the scenario cash flow:
• Every feasibility prepared includes a funding allowance as if funding would be required. A

total of $7.9m funding costs are allowed for in the Cambridge, Hinaki, Mangere and
Omokora feasibilities.
• Given we budget to spend per the feasibility, these funding costs are already spent in the
budgeted cash flow. You will not see large interest costs in the profit and loss because the
funding costs are capitalized into development costs and then expensed as part of the cost
of the house when the house is sold.
• Given this approach, any funding costs not incurred as per the feasibility will result in an
improved development margin.
Assumptions made in the funding scenario:
• $30m funding facility for 2 years from Sept 22

• Facility line fee of 1% payable regardless of how much facility is drawn
• Interest at 7% on loan amounts drawn
• Facility is fully drawn for approx. 4 months during this time
• Existing cash reserves have returned to $20m+ at the end of the 2 year facility
• Funding costs for this facility are more than covered by the funding cost allowances already
in the cash flow for existing developments.

NZ Housing Foundation - Statement of Cash Flows -
Funded
Approved budget scenario
Cash flow Mar-23 Mar-23
Opening cash 35,005,718 35,005,718
Cash flow from operations

Rent 1,076,265 1,076,265
AE mgt fees 116,100 116,100
Puhinui dev mgt fees 294,000 294,000
Service fees (TTK, Tamaki, Iwi, other) 590,590 590,590
Interest received 89,606 89,606
Cash flow from operations 2,166,560 2,166,560

Less expenses
Office & overheads 2,713,832 2,713,832
Puhinui project 318,000 318,000
Iwi projects 18,000 18,000
Other projects & seed costs 600,000 600,000
Interest paid 98,668 98,668
Rental portfolio direct costs 283,716 283,716
Less expenses 4,032,216 4,032,216
Net cash from operations -1,865,656 -1,865,656
Cash flow from loans / grants

TTF loan repayment -56,398 -56,398
Loans - TTF/ PHO 6,490,000 6,490,000
PHO and Puhinui Grant rec'd 2,191,600 2,191,600
Bank loans 14,000,000
8,625,202 22,625,202
Cash flow from house churn
Rental buy outs 8,095,438 8,095,438
Equity buy outs 3,802,500 3,802,500
11,897,938 11,897,938
Build projects
Cash in from sales 33,252,992 33,252,992
Payments made -85,162,418 -85,162,418
-51,909,426 -51,909,426
Net cash movement -33,251,943 -19,251,943
Cash at end 1,753,775 15,753,775

Approved Funded
NZHF Consolidated Statement of Financial budget scenario
Position - budget Mar-23 Mar-23
Bank 1,753,775 15,753,775

NHE bank funds 270,958 270,958
Waimahia bank funds 374,608 374,608
Acts Receivable 118,457 118,457
L&B 66,043,060 66,043,060
Nugent St office 2,024,322 2,024,322
Interco Loan
WIP 48,902,519 48,902,519
Office assets 65,075 65,075
PPLP - Grant & rebate due 2,042,782 2,042,782
Shares in TMCHL/equity share PPLP 1,878,580 1,878,580
Total Assets 123,474,138 137,474,138
Accounts Payable 1,363,373 1,363,373

Retentions/vendor loans 33,742 33,742
GST - 300,277 - 300,277
NHE grant facility 264,919 264,919
Waimahai costs provision 357,203 357,203
Loan - TTF/PHO 14,042,836 14,042,836
TTF mortgage 1,232,641 1,232,641
Bank loans 14,000,000
Total Liabilities 16,994,437 30,994,437
Equity 106,479,701 106,479,701
Summary:
Given the way the cash flow already allows for funding costs the cash flow and financial position
impact is simply a loan drawn and an increased bank balance.
We have spoken to a few of the large banks since the last board meeting to discuss the possibility of
development funding facilities. Whilst all are amenable to our approach and supportive of what we
do they are weary of our ability to pre sell, and repay the loan by the end of the development.

Typical funding facilities will require a number of ratios to be met before any loan can be drawn
from the bank. For example loan to value ratio, loan to cost ratio, number of presales, number of
houses under construction. We will have difficulty reaching the required pre sale numbers because
we typically do not have our houses sold prior to development works being undertaken. We can
mitigate this to some extent by partnering with TTK and obtaining an offtake commitment from
them, demonstrating there is demand in the location we are building, and demonstrating our track
record to sell. The banks need us to demonstrate how the loan is ultimately repaid at the end of a
development which also presents us with some challenges as we typically end up investing funds by
the end of a development due to selling only a portion of the house to a shared owner. Our
developments are not typically cash positive. Again, we can mitigate this to some extent by utilising
PHO loans from the Crown, selling some houses to TTK, incorporating some market sales and
demonstrating that we will reinvest grant funds that have been released from prior household buy
outs.
Next steps will be to present our cash flows and feasibilities to the bank and formally request a
facility.
Joanne Campbell
19.4.22

Stakeholder and Tangata Whenua Engagement Paper
Purpose of paper
The purpose of this paper is to:
• Refresh Trustees on the Stakeholder and Tangata Whenua Engagement approach
• Align our stakeholder relationships with our strategies
• Summarise how the framework can be operationalised
• Understand which strategic relationships Trustees already have, or could initiate, with
interested and influential organisations and individuals who could / should be HF
stakeholders and/or tangata whenua partners.
Definition
• Tangata whenua and stakeholder engagement is about defining, assessing, planning

and implementing actions designed to influence stakeholders.
• Tangata whenua partners and stakeholders are those individuals and organisations
who have an explicit interest (a financial or non – financial stake) in the success or
failure of Housing Foundation and/or have influence over HF’s business strategy
and/or operations.
• Housing Foundation’s success or failure is determined by its ability to adhere to its
vision, mission and values and through its strategies achieve the milestones and
targets described in its business plan.
Levels and Nature of Engagement
1. Engagement is not one dimensional and the level of engagement depends on the nature
of the relationship. Tangata whenua and stakeholders’ influence over HF business
success varies as does their real interest in HF’s success. This needs to be reflected in
the way we engage. The levels of engagement and relative effort are illustrated in Fig 1
and described as follows.
Fig 1.

Partnerships.
2. These relationships are reflected by mutually binding agreements where both parties
have influence over each other’s business and real interest in each other’s success.
While households may not have individual influence or interest in HF’s strategy and
operations, en masse they represent HF core business.
3. Another example is the development and services agreement we have with Tamaki
Regeneration Company (TRC), iwi, Māori and third parties which implies planned
engagement and regular communications.
Participation.
4. This relationship is typified by those with high levels of influence over HF’s business and
lower interest in HF’s success. Kainga Ora (KO) is an example of a stakeholder on
which we are highly dependent and with whom we participate. However, it is debatable
how much of a stake KO has in HF’s success, so HF tends to proactively manage the
relationship.
Consultation.
5. These have little influence over HF’s success and high interest in our operations.
Examples of this are CHRA and Charities Services. HF provides detailed information
and consults with these regulatory organisations on a regular basis although they have
lower influence on how HF operates.
Push Communications.
6. These can be strongly linked to HF but have medium to low interest or influence in our
success. HF tends to push out communications and takes a relaxed approach to
managing the relationships.
Pull Communications.
7. As individuals or organisations, these tend to have low interest in, or influence on HF’s
success or failure. HF does not share its business strategy or operations with these and
tends to expect them to pull information from HF communication channels.
Managing Stakeholder and Tangata Whenua Relationships
8. The diagram above illustrates the relative influence and interest that tangata whenua
and stakeholders have in HF’s success and the relative effort and engagement required
to manage relationships. It does not describe who manages the relationships.
Tangata Whenua and Stakeholder Relationship Framework
9. To demonstrate this relationship framework in operation, the Management Team has
identified in the table following this paper some key parties and the nature of the
relationships with HF; be it partnership, participation or consultation.
10. The list of HF Pull or Push tangata whenua and stakeholders is considerable, running to
over 100 people or entities, for this reason these Pull or Push Stakeholders have not
been included in the relationship framework. Trustees should note that their primary
point of contact with HF is through our communications.
Gaps in the Tangata Whenua and Stakeholder Relationship Framework
11. This relationship framework clearly identifies some gaps in our framework when
reviewed and measured against HF’s draft strategic plan. A key strategic objective is to
identify and secure significant amounts of funding to build HF’s asset base and revenue
stream and to resource HF developments and Household Management services.
Access to this level of funding requires HF to partner with large scale equity investors
and investment fund entities. Other than The Tindall Foundation and Hugh Green
Foundation, our list is devoid of potential / possible large-scale funders who through
funding agreements and relationships can become tangata whenua and/or stakeholder
partners with HF and Participants with HF through their active interest in our business.

12. One of the most obvious gaps in the relationship framework are the non-government
funders of affordable housing. These are the funders whom HF needs as stakeholders
in HF businesses and as stakeholders in the partnership or participation categories.
13. Another significant gap is awareness of the range of relationships Trustees have with
interested and influential organisations and individuals who could become HF tangata
whenua partners and/or stakeholders and support HF achieve its strategies and
business plan outcomes.
Operationalising Tangata Whenua and Stakeholder Engagement
14. Partnerships are managed directly by the lead party identified in the contract or
agreement. In addition to engagement and communication that is defined in any
agreement/contract, the relevant HF representative will pro-actively manage the
relationship to ensure expectations are aligned and mutual obligations are being
honoured.
15. Participation by tangata whenua and stakeholders in HF business operations generally
involve HF being contacted or making contact regarding a specific issue. Given the
influence these stakeholders have over HF’s success, the HF relationship manager will
either initiate contact to address a specific issue or respond to requests for contact.
16. Consultation involves regulatory bodies, iwi, Māori organisations and other third parties
requesting information or support from HF and being consulted by HF over its business.
Those consulted have high interest in HF’s business, its activities, products and
services.
17. Push communications are distributed via HF’s various channels, website, social media,
documentation and collateral. Increasingly these are driven from a need to market
housing developments and/or homes. The HF lead will be
18. Pull communications require the least effort by HF team members and rely on user
friendly, accessible, real time accurate information being available on HF’s website and
via its 0800#.
In summary and next steps
19. HF’s tangata whenua and stakeholder relationship (engagement) framework set out a
list of tangata whenua and stakeholders who are important to HF’s success and with
whom HF has established relationships.
20. While all lists of tangata whenua partners and stakeholders need to be managed,
separating the list into the different categories identifies the nature of the relationship
and therefore how each relationship needs to be managed. Applying this approach
helps the management team and key staff understand how time and resource hungry
each relationship could be and therefore a better understanding of how relationships
can be managed.
21. Management is interested in using this paper to:
a. Describe the relationship between our tangata whenua partners and
stakeholders and our strategies
b. Identify range of relationships Trustees have with interested and influential
organisations and individuals who could / should be HF tangata whenua
partners and stakeholders and/or those in the long-term equity / capital
investment markets.
Russell Ness
26 April 2022

220426 Example Stakeholder Relationship Framework
Key:
CE – Chief Executive (Dominic)
FM – Finance Manager (Joanne)
BM – Business Manager (Marina)
OM – Operations Manager (Jared)
SDM – Senior Development Manager (Dominic – acting)
DM – Development Manager (James)
PM – Project Manager (Tony)
CDS – Community Development and Sales (Akld) (Greg)
SPM – Special Projects Manager (Chch) (Bill)
SPM – Special Projects and Partner Relationships (Russell)
These relationships are reflected by Stakeholder

Stakeholder Partnerships mutually binding agreements where Relationship
both parties have influence over each Manager
other’s business and real interest in
each other’s success.
Strategic objective 1 – Build more affordable homes and create more diverse inclusive
communities
HH and PC Team members EA and Contract OM
Households (Agreements) Private Sales, Shared Ownership, CDS
Home Saver and Community Rental OM
Agreements
TRC (John Chapman) Services Agreement OM
TTK (Jim Jessep) Services Agreement OM
Development Agreement SDM
Puhinui Park Limited Partnership Partnership Agreement CE
CORT
TTK
BNZ (Alex Munkowits) Funding facility PPLP FM
ASB (Jess Powley- Doreen, General banking facilities
Cameron Pease)
Kiwibank (Cameron Blackwell)
ASB Strategic relationships which developed CE / OM
BNZ the bank SO arrangements
Kiwibank Signed letters of agreement confirming
HF mortgage liabilities with banks which
SBS
underpins our shared ownership
Westpac programme and product
The Tindall Foundation (John Loans, mortgage funding CE / FM
McCarthy)
MHUD PHO contracts CE/ OM/ FM

Eke Panuku Land redevelopment agreements. CE/ SDM
Whilst the agreements are transactional
(land buying and selling) they underpin
a strategic partnership
Kainga Ora Land redevelopment agreements CE/ SDM /
Whilst the agreements are transactional DM
Homes and Communities Land redevelopment agreements CE/ SDM
Whilst the agreements are transactional
Builders Development Contracts CE / FM /
Goldsmith Developments - Lance SDM / DM
Goldsmith /PM
Goodwin Building Services - Peter
Goodwin and Russell Goodwin
ReMack - Mark Knight
Miles Construction - Darren
Westwood
Hargrave Project Management – Services Contract CE / SDM /
Simon Jacks DM
JDK (Janette Holder - Production Services Agreement OM
Administrator, Jacob Burns – HSE,
Paul, Uddenberg – Mtce Manager)
What’s Up (Ali Stanton) Services Agreement OM
Odd Jobs4U (Brett Robinson) Services Agreement OM
Strategic objective 2 - Develop people, systems and brand
Mates in Construction Partnership agreement; SDM

SafeSupport (Jemma Walker) Health & Safety audit SDM / PM /
Site inspections CE / BM
Ignite (Gina Nonumalo) Services Agreement (EAP and BM

Wellbeing)
Secure Compute (Gargi Palande) Services Agreement BM

Defend – Cyber Security (Jack Services Agreement BM
Deehan)
Records and Information Services Agreement BM
Management (Michelle Marsburg)
The Tindall Foundation (Stephen Political support CE

Tindall, John McCarthy)

CHA National peak body for affordable CE
housing, underpinned by contract
ACHPN Auckland focused advocacy group for CE
affordable housing, underpinned by
MoU
Chch CHP network Chch focused advocacy group for SPM -
affordable housing, underpinned by Christchurch
MoU
Intuit (Keir Robertson) Marketing Collateral and Website SPM
Design Services
Studio Future (Lisa Evans) Marketing Planning and Brand CE
Strategic objective 3 – Partner with iwi, Māori and third parties in delivering housing
services
Ka Uruora (Jim Jessep – GM Kaou) Housing Services Agreements CE / OM /
• Opunake SPM
• Ka Uruora (Taranaki iwi)
• Ngati Maru (Thames)
• Rangitane (Blenheim)
• Raukawa (Tokoroa)
PNBST (Lisle McErlane – Ascend OM / SPM
Capital Consultant, Kirsty Tamanui –
GM, Alanna Puketapu -
Administrator)
Waikato Tainui (Trina Pohatu – OM
McQueen – Whanau Housing,
Manaaki Nepia - GM)
Te Taiwhenua Heretaunga (Ry OM
Stinton – GM)
Te Runanga o Ngai Tahu SPM (Chch)
Wayne Francis Charitable Trust SPM (Chch),
CE
Chatham Island Housing Partnership SPM
Trust (Deena Whaitiri)
Strategic Objective 4 – Define and identify sustainable policies and practices for HF
business activities
To be determined
Stakeholder Participation These relationships are typified by Stakeholder

stakeholders with high levels of Relationship
influence over HF’s business and lower Manager
interest in HF’s success.
Strategic objective 1 – Build more affordable homes and create more diverse inclusive
communities
Minister for Housing (and Associate Strong influence on HF ability to CE
Housing Ministers) operate and grow our business delivery
Minister of Finance and be successful

Mayor and CEO of Auckland Council Significant influence on HF ability to CE
grow our business delivery in Auckland
Auckland Council councillors and Advocates and supporters of HF to CE/ Mgmt.
Auckland Council staff deliver and grow our business Team
FUNDERS Typically, investors want an asset class CEO/ FM
Large scale social impact equity they can invest in, which produces a
investors stable yield through revenue and capital
growth and on-sell to other investors,
investment and fund management Co’s
TBC
Auckland Council - Panuku Land and development opportunities, CE / SDM

transactional once doing a development
(RC, DC’s etc)
MHUD (Malcolm Morrison) Crown reporting, SHU and other grant FM/ OM/
compliance SDM
Watercare Transactional – IGC, meters FM
Suppliers Suppliers paid in our system and not FM
included above are listed separately
Stakeholder Consultation These stakeholders have little influence Stakeholder

over HF’s success and high interest in Relationship
our operations. (E.g., CHRA and Manager
Charities Services). HF provides
detailed information and consults with
these regulatory organisations on a
regular basis although they have lower
influence on how HF operates.
Community Housing Providers Advice and support ad hoc and pro CE / OM

(CHPs) bono when outside of defined projects
Iwi, Māori and third parties Advice and support ad hoc and pro CE / SPM /
bono when outside of defined projects SDM
CHRA Regulatory body CE / BM
Charities Services Regulatory body CE / BM
Trade Training entities Opportunity for HF to partner in SDM
developments and reinvest in local
communities
Budgeting Services (Papakura, HF refers whānau as necessary OM
Mangere)

Operations Update Report – March/April 2022
Purpose of the Operations Report:
Provide Trustees with an update on the Operational activities.
Jared Partridge – Operations Manager
Russell Ness – Special Projects, Partner Engagement
People
The Household Support Managers (HSM) and Programme Coordinator (PC) team has had a
productive month and overall have coped very well with the disruptions caused by COVID
illnesses and isolation periods resulting from household contacts. Through this period more than
half the team have had COVID-19 and most of the remainder have had isolation periods.
However, the team are well adjusted to working from home and familiar with supporting one
another through absentees, so our service delivery has been relatively unaffected.
As discussed in last month’s report this first quarter is a busy time, with a significant bubble of
work that occurs as a consequence of the end of year rush to completions and the Christmas
break. We are now current with all areas of our service delivery, having made significant efforts
in our enquiry, applications, and annual review processes.
Our new HSMs continue to develop well, each being competent in their current area of service
delivery. They have each completed training across all aspects of the HSM role and have a
develop plan to broaden the scope of their service delivery over the coming months. In particular
I would like to acknowledge Angela Castles who has made a significant contribution in delivering
both training and mentoring of our new HSM team members.
We continue to actively seek a suitable replacement for Janice’s role (Iwi Relations and HSM) our
initial round of recruitment has been unsuccessful in identifying suitable candidates. We are
currently engaging ATCL Search to conduct a second round of recruitment and are utilising our
Iwi networks to shoulder tap potential personnel. We are also reconsidering all internal
deployment options.
Household Allocations
The Household and Programme Coordination team has continued to facilitate settlements for
homes in our developments and for TRC. Puhinui Park apartments, and 3-bedroom terraced
apartments in buildings 32 and 25 are now all allocated or have suitable households progressing
through the approval and agreement processes. This has been a significant effort lead by Corina
one of our newest HSM team members with great support offered by Greg and Angela. We are
now looking ahead to allocations for building 20, which are expected to complete in March 2023.
The delay to the build programme for the Puhinui apartments has had an impact on a number of
households who were unconditional and had received 4 weeks’ notice. This is a significant
reputation risk for us, and the team responded very well to this challenge, providing very clear
communications for the affected whānau and how HF will address any material impact they may
experience. This information and offer of support was well received by the whānau and to date
there has been no notification of a material impact on whānau.
Flatbush DG12 is fully allocated and all homes have been handed over to households. Two of the
successful whānau, who qualified in all respects initially, subsequently had a change of
circumstances that meant they exceeded our income cap at the allocation stage. In both cases
this was the result of a shift in circumstances from the time they applied, were assessed and
accepted into the Shared Ownership programme to the time when they were approved and
allocated to a specific home. We encourage and celebrate when household circumstances
improve. This is a real testament to the work our HSM team put into supporting whānau and the

hard mahi our whānau do to improve their own circumstances. In both cases the main income
earner was successful in attaining a significant pay increase whilst the secondary income earner
also increased hours of employment resulting in much high combined gross income. As a result
both whānau are in a strong position to be successful in the SO programme and are expected to
transition into full ownership in the next 2-5 years.
We also have strong interest from HHs in Flatbush DG 13 development and have a good number
of whānau we are working with who are in a strong position to be approved for these homes. We
are starting to identify whānau for the Park Green development, which also has strong interest.
Planning is underway for our community engagement and marketing plan for the Mangere
development. It has been a while since we have delivered homes in this area and as the current
project will have a much more significant impact on the community, we are taking a holistic
approach to developing our pipeline and ultimate service delivery of allocations.
We have three vacant homes; one is allocated to a whānau and handover scheduled. One is
currently undergoing remediation work and the other we have a prospective applicant we are
working with through the approval process.
Arrears Management
HF Rental Arrears, all whānau have payment plans. This month there are two additional whānau
that have started payment plans. Two whānau have completed their payment plans and one
existing whānau who has only recently commenced their payment plan. The maximum number
of weeks in arrears at 1.6.
HF Annual Management Fees are also reducing each month.
TTK Rental Arrears have decrease over February and March with the maximum weeks in arrears
at 4.6. All whanau have payment plans except one whānau. All efforts to engage the whānau in
this process but have been unsuccessful and we are now awaiting a decision from TTK re.
escalating proceedings to the Tenancy Tribunal.
TTK Annual Management Fee arrears have reduced over February and March.
Iwi and Third - Party Engagement and Household Management Services

TTK
HF continues to work closely with Te Tumu Kainga in the provision of SO and HS homes for
Māori whānau according to the housing services agreement we have in place.
TRC
TRC has confirmed that it wishes HF to increase the scale and nature of services offered. To
this end, HF is currently renegotiating the services agreement with TRC.
Waikato Tainui
Annual reviews are almost completed.
Port Nicholson Block Settlement Trust (PNBST)
HF is awaiting the timing of construction of the next tranche of homes.
Te Taiwhenua o Heretaunga
HF is working with two potential shared owners.
Ka Uruora Housing Project
Ka Uruora has an ambitious objective of building 150 – 200 homes for whanau in several
locations around NZ over the next 4 – 5 years. HF has completed development of the housing
solutions policy, entry criteria, agreements and operational guidelines. HF will be partnering with
Ka Uruora to deliver whānau housing services in the pilot locations. HF is already providing
these services in several of the developments (below).

Ka Uruora (Opunake)
Two whānau are on short term tenancies and will transition to shared ownership in March 22.
Two more are on track towards shared ownership.
Ka Uruora (Taranaki Iwi)
HF is engaged and providing advice on the tenures and typologies of new homes.
Ngati Maru (Thames)
HF was engaged to initiate a demand survey and perform the analysis. The survey and results
analysis is underway.
Jared Partridge
Operations Manager
Russell Ness
Special Projects – Partner Engagement
26 April 2022

Development Update Report – April 2022
Purpose of the Development Update Report:
Provide Trustees with an update on the Development pipeline and activities.
Dominic Foote
General observations
Our development and construction contractors are still experiencing delays in the supply of
materials and products, particularly with wood framing (pre-cut and pre-nail frames) and the
supply of ‘Gibraltar Plasterboards’ from Winstone Wallboards.
The supply of pre-cut and pre-nail timber frames for walls and roofs is becoming a bigger issue
than the supply of plasterboard. Miles Construction were advised last week by Carters that their
Puhinui Park pre-nail order for 12 houses is delayed from May and June to August. Miles
Construction is endeavouring to bring the delivery back to the original delivery dates; if Miles is
not successful in doing so, the practical completion dates of these 12 houses is likely to be
delayed into April 2023.
Alamein Road, Tamaki (14 units)

First block of seven houses is completed.
Second block of houses is planned for practical completion by 28th April.
Hinaki, Tamaki (56 units)

Stage one 27 houses: Construction works, preparation of house platforms and installation of
services for the first block of 11 houses has commenced. Site layout for next block of 6 houses
has commenced.
Ground works construction works for 27 houses.
Stage two resource consent draft consent conditions for stage two for the remaining 29 houses
have been issued.
Stage two building consents for first batch of 10 houses are ready to be lodged subject to HF
approval.
Flatbush DG13-14 (7 units)

DG13 (five houses):
Building consent issued
House construction planned to commence April 2022
HF has entered into a Licence to Occupy with Hugh Green Group as 24c for the five houses will
not be issued until June with titles planned to be issued in July.
House completion (issuing of CCC) planned August 2022
DG14 (two houses):
Building consent lodged and expected to be issued April 2022
House construction planned to commence July 2022
House completion (CCC) planned October 2022
Cambridge Terrace (29 units)

Resource consent application is planned for lodgement in May 2022. Lodgement though might
be delayed to June due to

Land settlement with Eke Panuku 30 June 2022
Demolition of existing light weight commercial building planned for July 2022
Civil works planned to commence October 2022, subject to Engineering Plan Approval and
Resource Consent approvals being issued in September
Civil works planned to be completed May 2023
Hugh Green Projects / Park Estate (6 units)

Resource Sub-division consent plan to be issued May 2022
224C planned to be issued July 2022 following minor sub-division work
Building consent planned to be issued July 2022
House construction planned to commence August 2022
House completion (CCC) planned March 2023
Mangere West (79 units)

Resource consent for first 24 houses planned lodgement May 2022
Resource Consent lodgement for remaining 55 houses to be lodged between June and
September 2022
Five superlots planned for purchase from Kainga Ora from June to December 2022
Resource consent approval for first 24 houses programmed for issuing September 2022
Construction works of first eight houses in one superlot is planned for commencement in
November 2022. Construction of 16 houses in second superlot is planned for commencement in
January 2023
Omokoroa BOP (99 units)

Land purchased 30 June 2022
Design team has been finalised
Preliminary market assessment for housing demand has commencement
Stakeholder consultation with iwi and hapu, WBOP Council, BOP Regional Council, local
businesses, community organisations will commence in early May
Dominic Foote
26 April 2022

Development and Programme update as of April 2022
Graph 1 - Development Construction Progress (excluding Puhinui)
DEVELOPMENT CONSTRUCTION PROGRESS
(NO. OF UNITS)
Completed Under Construction Not started
100
80
60
40
20
8 56 29 5 2 6 79 99
0 6
Alamein Hinaki Cambridge FB DG13 FB DG14 Park Green Mangere Omokoroa
Tce West
Graph 2 - Development Completion Timeline (excluding Puhinui)

DEVELOPMENT COMPLETION TIMELINE
ORIGINAL VS EXPECTED
Original budget completion Expected completion
Nov-25 Jun-25
Mar-25
May-25
Oct-24 Oct-24
Oct-24
Dec-23 Apr-24 Apr-24
Mar-24 Nov-23
Sep-23 Apr-23 Apr-23
Feb-23 Jan-23
Nov-22
Jul-22 Aug-22
Aug-22 Apr-22
Jan-22
Aug-21
Jul-21
Alamein Hinaki Cambridge FB DG 13 FB DG14 Park Green Mangere Omokoroa
Tce West
Graph 3 – Sales Progress per Number of Units (excluding Puhinui)

SALES PROGRESS - NUMBER OF UNITS
Under construction, not sold yet Not sold, not started yet Unconditional sales
100%
80%
60%
14 56 29 5 2 6 79 99
40%
20%
0%
Alamein Hinaki Cambridge Flatbush Flatbush Park Green Mangere Omokoroa
Tce DG13 DG14 West

Graph 4 – Puhinui Development – Sales & Construction Progress
February to April 2022 (as at 19 April 2022)
PUHINUI DEVELOPMENT SALES AND CONSTRUCTION PROGRESS

(180 UNITS)
36 26
41
15 24
13
126 129 130
Feb-22 Mar-22 Apr-22
Unconditional sale Under construction, not sold yet Not sold, not started yet
Completed and Unoccupied houses

Current vacancies
422 Weymouth Rd – a TTK property vacated on the 12th of November 2021. We have a whanau
who we are presenting to lenders.
40 Tutuwhatu Cres – Handover Scheduled for the 21st of April.
26 Taiaapure Street – Remediations nearing completion new whanau allocated awaiting valuation
to finalise agreement.
Jared Partridge
Operations Manager

PUHINUI PARK : FINANCIAL REPORT
Mar-22
report date: 31 Mar 2022
Costs as at 31 Mar (Ex GST)
Forecast Jan 22 TH's share - to end bld 33/34 - Jan 23 -

Ref Description Comments Cost to Date
(total) Dec 22 Dec 24 (feas 4.2)
6.55% land size % for 33/34

1 PRE-CONSTRUCTION COSTS
1.1 LP agreed existing costs 185,000 172,891 12,109 Final 185,000
1.2 Establishment legals 229,030 214,040 14,990 Final 229,030
TOTAL PRE-CONSTRUCTION COSTS 414,030 386,931 27,099 414,030
2.0 PROPERTY COSTS

2.1 Land purchase 10,387,729 9,707,833 679,896 Final 10,387,729
2.2 Rates 155,000 135,000 20,000 inc due to longer project length 116,102
TOTAL PROPERTY COSTS 10,542,729 9,842,833 699,896 10,503,831
3 CIVIL CONSTRUCTION
3.1 HEB Construction Subdivision Phase 1 5,662,966 5,292,315 370,651 Final 5,662,966
3.2 HEB infill phases excl Phase 1 2,869,776 2,681,944 187,832 Final 2,869,776
civils re lot 501 to Town houses 360,000 360,000 HEB contract 384,962
Site works, retaining 33/34 334,000 334,000
3.4 Landscaping 990,000 782,000 208,000 592,894
3.5 Utilities: Vector (net of rebates); Chorus 1,200,000 888,000 312,000 add $12k for TH option; rebates $100k as re 808,933
TOTAL CIVIL CONSTRUCTION 11,416,742 10,004,258 1,412,484 10,319,531
4 BUILD
4.1 Construction - townhouses 38,200,000 38,200,000 now includes cost escalation D& E 33,125,961
Construction aparts - bldg 27 & 31 3,920,000 3,920,000 based on Miles contracts 2,963,297
4.1a Construction bldg 20, now TH option 3,900,000 3,900,000 per Miles contract 116,647
Construction aparts - bldg 33 &34 8,600,000 8,600,000 26 units per option 4.2
Construction contingency (actual shows

1,500,000 500,000 1,000,000 163,165
Covid spend)
4.2 Street landscaping & lighting 448,500 448,500 33/34 incl under #3.4 195,983
TOTAL BUILD 56,568,500 46,968,500 9,600,000 36,565,053
TOTAL CIVILS AND BUILD 67,985,242 56,972,758 11,012,484 46,884,583
5 PROFESSIONAL FEES
5.1 Urban Design - A Studio 289,095 270,173 18,922 Completed 289,095
5.2 Urban Design - Ken Crosson 134,667 125,853 8,814 Completed 134,667
5.3 DASL - Project Mgt Fees 300,000 280,364 19,636 Completed 300,000
5.4 Engineering - Woods 1,012,000 945,763 66,237 incl bldg 20 1,018,493
5.5 Traffic - Commute Transport consultants 20,000 18,691 1,309 Hold 15,800
5.6 Planning - Tattico 120,000 112,146 7,854 incl bldg 20 115,117
5.7 Other Consultants - Landscape consultant 48,000 44,858 3,142 Hold 34,143
5.9 Geotech - Engeo 110,000 102,800 7,200 Hold 93,439
5.11 Acoustic Engineering Design & Certificatio 20,000 18,691 1,309 reduced , allowance for bld 20 if needed 11,925
5.12 Homestar 6 Consultants & Certification 120,000 120,000 Uncertain; Panuku concern
5.13 Consultants bld 33/34 1,000,000 1,000,000 per feasibility option 4.2 16,838
TOTAL PROFESSIONAL FEES 3,173,762 2,039,340 1,134,422 2,029,517
6 COUNCIL FEES & IGC'S

6.1 Disbursements
6.2 Sundry Fees 10,000 10,000 4,469
6.3 RMA Consent Fees 250,000 170,000 80,000 161,364
6.4 Development Contributions & Offsets 2,577,000 2,327,000 250,000 incl blocks 33,34, TH for bldg 20 2,179,927
6.5 Watercare 2,190,000 1,800,000 390,000 1,777,248
TOTAL OTHER COSTS 5,027,000 4,307,000 720,000 4,123,007
TOTAL CONSTRUCTION COST 76,186,004 63,319,098 12,866,906 53,037,107
7 MANAGEMENT
7.1 Development Management services (NZH 2,378,000 2,018,000 360,000 Extend to Dec 24 at reduced rate 1,784,000
7.2 GP governance 949,000 671,000 278,000 Extend to Dec 24 560,342
7.3 Placemaking & neighbourhood manageme 50,000 30,000 20,000 increase for project length 11,132
7.4 Maintenance & Community Management 400,000 300,000 100,000 114,793
TOTAL MANAGEMENT 3,777,000 3,019,000 758,000 2,470,266
8 SALES MKTG & COMMUNITY DEVELOPMENT

8.1 Marketing 400,000 300,000 100,000 Reduced allowance 204,773
8.2 Agent fees 515,000 455,000 60,000 Reassessed: HF sales adj, poss 6 in bld 33/3 301,500
8.3 Legal fees - conveyancing 420,000 320,000 100,000 181,900
8.4 Valuations - sale 40,000 30,000 10,000 20,250

PUHINUI PARK : FINANCIAL REPORT
Mar-22
report date: 31 Mar 2022
Costs as at 31 Mar (Ex GST)
Forecast Jan 22 TH's share - to end bld 33/34 - Jan 23 -

Ref Description Comments Cost to Date
(total) Dec 22 Dec 24 (feas 4.2)
8.5 Subdivision: LINZ, legals, survey 300,000 300,000 Re-estimate : bldgs 33 34 in 5.13 221,690
TOTAL LEASING & SALES 1,675,000 1,405,000 270,000 930,113
9 FUNDING,INSURANCE & LEGALS

9.1 Facility set up - valuation, QS, legal 129,787 121,292 8,495 completed 129,787
9.2 Capitalised Interest & fees 880,000 822,402 57,598 only bank fees remaining, no interest 878,980
extended to Dec 24, P&I due to renew in
9.3 Insurance 260,000 190,000 70,000 168,749
June 24
TOTAL FUNDING & INSURANCE 1,269,787 1,133,695 136,092 1,177,516
DEVELOPMENT COST 93,864,550 79,106,557 14,757,993 68,532,864
10 CONTINGENCY
10.1 General contingency 400,000 200,000 200,000 Non-construction contingency
10.2 Cost Escalation Cost escalation shown in build costs
TOTAL CONTINGENCY 400,000 200,000 200,000 -
TOTAL DEVELOPMENT COST 94,264,550 79,306,557 14,957,993 68,532,864
Te Akitai Land recovery - 2,980,000 - 2,784,954 - 195,046 Final settlement, Apr 6th - 2,980,000
Sub total costs 91,284,550 76,521,603 14,762,947 65,552,864
179 units, plus Abbeyfield, no

TOTAL SALES INCOME 102,817,391 88,000,000 14,817,391 commercial. Block A,B,C,D,E are actual,
except bld 20, 33/34 per feasibility
SURPLUS 11,532,841 11,478,397 54,445 Assumes all units sold at market to LPs

Summary Puhinui Management Report
Project overview
1. Building 29, consisting of one block of 7 terrace houses was practically completed on 17th
March. As of 31st March, there were 49 homes under construction across eight blocks of
houses and apartments A further 11 homes will be completion by the end of July 2022,
excluding the 12 apartments in B27 and B31, see explanation below.
2. Puhinui Park continues to experience supply chain delays to materials, in particular with
pre-cut and pre-nail timber framing and roof trusses, bricks, aluminium windows and
plasterboard.
Health and Safety
• Covid-19: The country Covid-19 alert level continues to change. These
changes are being well managed by all the builders on the
development
• Incidents: No major incidents to report
Delays to practical completion and handover of apartment blocks B27 and B31 (12
apartments)
3. In December 2021 Miles Construction (the contractor) advised PPLP that practical
completion of B27 and B31 was planned for end of February 2022. In January 2022 Miles
Construction advised that practical completion was further delayed to 7th April, with
settlement with LPs and households being 8th April. The explanation for the delays being
supply disruptions, Covid-19 infections, changes in site management and importantly
conflicting advice from Council on an acceptable approved design solution for the roof and
balcony flashing details.
4. In early April Miles Construction again advised PPLP that the practical completion and
handover of these two apartment blocks is now delayed to the delayed to the end of April.
5. Miles Construction notice to PPLP of deferred practical completion was received after the
PPLP/ HF had informed households they could expect to settle on their apartments and
move in from the 8th April. This last practical completion delay resulted in HF working
closely with households to ensure they will not be homeless and offering compensation for
any material loss this delay could cause them as the households will have plans in place
to vacate their current property and planning to make the move to their new apartment
from 8th April.
Build 33/34 status
6. Layouts: Layouts for the ground floor and carpark areas are being worked through to
accommodate minor changes requested at the LP meeting. Changes included the
following items:
a. E-car charging stations
b. Bike parking area to be moved so it is directly accessed from the carpark
c. Charging areas in the bike park to be looked at also
d. Rubbish storage and collection – considering private and council collection
options
7. Rubbish and bike areas to be moved south and the storage area to be moved north Some
of the above items will be picked up in a later design stage but the ground layout will be
adjusted for the relocation of the bike parks, storage areas etc which will have an impact
on the structural items on the floors above. Apartment layouts have not changed.
HP Development Management Board report April 2022

8. Next stage: HF are progressing into the next stage of the design scenarios and cost
comparisons of engineered timber vs concrete and steel construction. To progress this
stage, additional consultants (fire, engineering, sound) have been contracted in to develop
the drawings to a stage where the QS will be able to complete a robust cost comparison.
Design meetings have started
Financial
9. Current situation: The project is coming under short term financial pressure as
completion of B27 and B31 apartments have been delayed and settlement won’t occur
until May. Payments for builder claims are up to date for work completed to the middle of
March.
10. After making the grant distribution payment to TTK/HF funds available will be $648k.
Sales proceeds from B27/B31 is now expected to be received on May 5th. This means we
are under financial strain until B 21 (4 homes) settlements occur on 21st April.
11. HF will cover any short-term cash shortage by way of loan if required to meet builders
claims received prior to 21st April
Sales and Marketing
Block – Homes Homes to be Comments

Build allocated
D-27 6 1 • 1 apartment still to be allocated (TTK)
• Apartments due to be completed in May
• 3 units still to be allocated
D-31 6 3
• Apartments due to be completed in May.
• 2 homes to be allocated (2xTTK)
D-32 8 2
• Homes due to be completed 30-06-22
• 1 home has been tentatively allocated (HF)
E-20 12 11 • 10 homes to be allocated to TTK and 1 further to HF
• Homes due to be completed by November 22
• 2 homes still to be allocated (2xHF)
E-25 6 2
• Homes due to be completed Q3 22 (TBC)
• Still in design phase
D-33/34 26 26
• Completion TBC
12. There are a total of 19 homes still to have confirmed allocations, 5 of those homes have
families waiting for bank approval.
13. Our second Google Ad campaign is due to start in the second week in April targeting
Māori households. This is coupled with a new registration page for easier contact. This
campaign will be supported with access to the staged terrace home during April then the
staged apartment from May. The relaxing of the covid rules has allowed the homes to be
used in this way.
14. Recent weeks has seen additional contacts made with Manukau Police who are keen to
accommodate online presentations or circulate general promotional emails or advertise
specific vacancies. Recent contact with Church groups and community agencies has also
recently been productive.
Community Development
15. The Puhinui Park Residents Association held the AGM online earlier this month. This was
a success with over 25 people joining and some good discussion on the agenda. The
Committee welcomed 2 new members and saw 2 members resign due to work
commitments. The new Committee appears capable and well lead.

16. Domestic rubbish collection: After much discussion with Council the Committee have
agreed that the Council service shall start towards the end of April however this needs co-
ordination with stopping the current service. There are 3 rubbish enclosures that need to
be made bigger, but the remaining will accommodate the new bins. We are closing one
bin site and moving one other to better meet resident needs. The Committee is keen to
promote waste minimisation through educational measures to cope with the reduction in
waste bin capacity.
17. Garden competition: Judging was undertaken in early March after a delay when one judge
was ill. The 3 winners have been announced and prizes distributed.
18. The CCTV camera network annual maintenance contract has been organised but there
has been a hold up getting the Kotuitui Residents Committee chair to sign. The
Committee has invited Kotuitui to online committee meetings but as yet no acceptances.
The CCTV camera footage has been referred to on 2 recent incidents.

Trust Pack April 2022

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New Zealand Housing Foundation

Tuesday, 26 April 2022

Items Action Who

Housing Foundation Reports Action Who

3. Management Report: March 2022

5. General Business All

7. Trustee discussion Trustees

NEXT BOARD MEETING:

Trust Pack April 2022 1 of 66 21/04/2022

Minutes: Marina Purdon

Apologies: Orchid Atimalala.

The meeting was opened with a Karakia led by Sarah S.

Appointment of new trustees

Minutes and Matters Arising 21 February 2021

1. Sarah Sinclair (proposer) 2. Tony Lanigan (seconder)

Items on Matters Arising were updated as follows:

Register of Conflict and Interests

The following corrections and updates will be made to the Register:

- David K has been appointed CE of Te Kaha Project Delivery Limited

Report back from the ARC meeting on 21 March 2022

Trust Pack April 2022 2 of 66 21/04/2022

1. Sarah Sinclair (proposer) 2. Tony Lanigan (seconder)

Community Housing Regulatory Authority (CHRA) summary report

Health & Safety and Wellbeing Report

Trust Pack April 2022 3 of 66 21/04/2022

1. Sarah Sinclair (proposer) 2. Kate Armstrong (seconder)

Dominic F introduced the CEO paper to the Board of Trustees.

The paper consisted of the following sections:

Strategic Plan 2022-2026

Trustees proposed an additional wording to Sustainability Strategy #4 - Action 1 – Define HF carbon

Trustees were all in favour of approving the Strategic Plan.

1. Tony Lanigan (proposer) 2. Maxine Shortland (seconder)

Trust Pack April 2022 4 of 66 21/04/2022

Trustees were all in favour of approving the Risk Appetite Framework.

1. David Kennedy (proposer) 2. Judy Whiteman (seconder)

Business Plan 2022-2023

The Business Plan 2022-23 was noted by the Board of Trustees.

The NZHF Budget 2022-23 was presented by Joanne C.

Trust Pack April 2022 5 of 66 21/04/2022

1. Kate Armstrong (proposer) 2. Mel Hewitson (seconder)

Financial reports to end of February 2022

The Financial Reports were presented to the Board by Joanne C.

The Financial Reports were accepted and approved by the Board.

1. David Kennedy (proposer) 2. Kate Armstrong (seconder)

The operations summary report was presented by Jared P.

Jared P is focusing on developing a pipeline for household allocations ahead of commencing

The operations summary report was noted by trustees.

Development Summary Report

The development summary report was noted by trustees.

Trust Pack April 2022 6 of 66 21/04/2022

The Board meeting closed at 3.04pm with a Karakia.

Next Board Meeting

CHAIRMAN’S SIGNATURE __________________________ Date____26 April 2022_______

Trust Pack April 2022 7 of 66 21/04/2022

# Date Entered Action Item Who Due on or before Outcome Status

Trust Pack April 2022 8 of 66 21/04/2022

HF Board of Trustees Register of Interests Date Updated Tuesday 19 April 2022

Date Added to Name Position Held Associated Party Nature of relationship

Date Added to Name Position Held Associated Party Nature of relationship

13-Nov-17 Kate Armstrong Trustee New Zealand Housing Foundation Trustee

CHAIRMAN’S SIGNATURE ____________________ Date26 April 2022_

7. Brand development ___________ X _ HF is Open for opportunities to