ACC originally committed $50m to the 104-unit plans but upped that to $61m and Cort is contributing too, Hart said.
Work is underway at four more sites in Massey, Henderson, Sunnyvale and Takanini. Construction is progressing on some sites while others are only at the stage of earthworks, he said.
The new apartments at West Harbour. Photo / supplied
Two Mt Roskill sites are at the stage of consenting, Hart said. That means resource consent applications are underway but no building work has started.
So all seven sites were active but the West Harbour one was the first to have homes completed, Hart said.
At Takanini, the joint venture bought two neighbouring sites which it amalgamated into one plot for 15 one and two-bedroom apartments, five fully wheelchair-accessible.
The joint venture plans this 15-unit block in Takanini. Photo / supplied
Cort will use homes built via partnership to deliver public housing to tenants under a 25-year contract with the Ministry of Housing and Urban Development, Hart said.
The community housing provider already owns or manages more than 400 properties in Auckland.
Ian Purdy, ACC property and infrastructure portfolio manager, said the joint venture aimed to make a difference.
"This partnership is a great example of ACC's investment fund achieving social impact while also delivering a sound financial return for the scheme for the benefit of all New Zealanders," Purdy said.
The Ministry of Social Development's housing register showed 26,664 applicants waiting on state housing as at June, up 8.9 per cent from last June.
D3 built the units on a sloping site. Photo / supplied
The housing register shows applicants not currently in public housing but who have been assessed as eligible and who are ready to be matched to a suitable property.
The Herald reported formation of the partnership in 2020.
The joint venture means a new company was formed, with each entity owning half of the shares. The company will build the developments and Cort will lease the properties and take responsibility for the houses and tenants.
The 104 units funded by the joint venture are to be in blocks of 10 to 20 units. Each of the developments was expected to take 18 months to two years to build.
In 2020, ACC said it would invest $50m in the scheme, with Cort overseeing development and management.
"We manage one of New Zealand's biggest investment funds and the returns help pay for the costs of treating and supporting injured Kiwis. The fund, currently valued at about $47 billion, ensures New Zealanders pay less in levies for accident cove," ACC said two years ago.
