A $350 million Residential Development Response Fund is being established to support the residential construction sector and to minimise the economic impact from COVID-19. Projects will be supported through sharing some of the increased COVID-19 related risks, with the fund backing developments through Government underwrites. The Fund comprises $100 million from the COVID-19 Response and Recovery Fund (CRRF) and $250 million of redirected funding from the KiwiBuild appropriation following last year’s reset. Most of the funding will be recycled and returned to the Crown over time.
