The Kingi-Warena Project
The first collective house purchase for a local family
The Paekakariki Housing Trust has brought together a local investors to collectively purchase our first house - 148 Tilley Rd (the Kingi-Warena home). Their 5 year loan earns interest comparable to similar savings plans. We are now looking for “social investors" for further properties.
If you are interested in being involved in future purchases or the property's care contact us at email@example.com.
Purchasing Property with PHT: The basic facts
The Trust secures loans from you and the bank to purchase a property. Donations are also welcome.
You act as mortgagees. This secures your loan.
You can earn a maximum of 4% interest on your loan. However you may choose to earn less (0-3.9%), with the difference being donated to the Trust.
To make this model work, our aim is to secure $250,000 in loans from community members to the Trust.
Your loan to the Trust will require a 5-year commitment.
You get a return that is both social and financial.
Why did we buy this first property?
The things we treasure about Paekakariki are under threat. Many of our community enablers, young families, artists, writers, mana whenua and the elderly are struggling—with rent increases, lack of secure tenure, homes that don’t t meet their needs, high house prices - and are leaving.
We don’t have to just accept this and watch as our neighbours move away.
We started work to form the Trust when we realised that the village was about to lose Raima Kingi and her whanau, who have lived here for many years and contributed to so many people’s lives. The house at 148 Tilley Road has been the Kingi-Warena whanau home for more than 15 years. Their landlords wanted to sell the house and there were no other affordable rental options for them in town.
The Trust managed to convince the owners to sell the house to the Trust at a reasonable price ($450,000). A generous local family purchased the home, giving the Trust one year to set itself up and buy back the house at the same price.
For the Kingi-Warena whanau this means:
• Secure rental tenure for the next 5 years. Their rent will service the mortgage and other outgoings.
• The opportunity to purchase their home in 5 years at an affordable price. A sale and purchase agreement will be completed with them. This is likely to be significantly lower than the market price due to the generosity of the current owners
A socially-responsible investment
From little things big things grow: we have an opportunity to collectively finance the purchase property.
Why did we start with the Kingi-Warena whānau?
Raima and her whanau inspire us. We value their incredible community contribution and think that’s something worth tangibly valuing. We want to keep them in our village. Their plight is symbolic of the bigger problem that we are tackling. If we can reverse this situation then we will show what is possible, and keep building on that success.
Shortlisted for the 2016 Wellingtonian of the Year Award for her contribution to education, Raima Kingi is much loved at Paekākāriki School, where her official role is teacher aide. In the 31 years she's lived in Paekākāriki, Raima has been involved in almost every aspect of education.
Raima is a descendant of Te Arawa and Ngāpuhi and lives with her partner Peter Warena and five of her six tamariki. All of them contribute greatly to our community. Raima believes children and adults should be able to defend themselves and remain calm under pressure and so runs a martial arts school with her whanāu, teaching self-defence Combat Hapkido in the community. In her spare time, she coaches basketball. Raima and her whānau are dedicated to imparting Māoritanga to the village’s tamariki through kapa haka, waiata and te reo Māori, leading the school roopu which is active in the village in performance and hui. Raima also currently runs an after-school wānanga and is an active contributor to the Paekākāriki community garden at the school and efforts to feed our school children at breakfast and lunch.