ࡱ> EC:;<=>?F#` bjbj  fbbbxD888D\-mdR88P^p|l~l~l~l~l~l~l$oh'rlEQQQl8P4lQ68PkQ|lZ"d8X $8v^`ni\l0-m^LrIr"d"dlreHllAj-mQQQQe{P{  Community Land Trusts: A Scoping Report A report prepared for the Taupo District Council by McKinlay Douglas Limited April 2007 Contents Page  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc169170127" 1. Introduction  PAGEREF _Toc169170127 \h 1  HYPERLINK \l "_Toc169170128" Background to this report  PAGEREF _Toc169170128 \h 1  HYPERLINK \l "_Toc169170129" Layout of the Report  PAGEREF _Toc169170129 \h 2  HYPERLINK \l "_Toc169170130" Key terms  PAGEREF _Toc169170130 \h 2  HYPERLINK \l "_Toc169170131" 2. Housing markets and affordability  PAGEREF _Toc169170131 \h 4  HYPERLINK \l "_Toc169170132" House prices v incomes  PAGEREF _Toc169170132 \h 4  HYPERLINK \l "_Toc169170133" A qualitative shift in housing markets  PAGEREF _Toc169170133 \h 6  HYPERLINK \l "_Toc169170134" 3. Affordable housing as community infrastructure and the role of community land trusts  PAGEREF _Toc169170134 \h 7  HYPERLINK \l "_Toc169170135" Social housing v housing as infrastructure  PAGEREF _Toc169170135 \h 7  HYPERLINK \l "_Toc169170136" Experience in England and the United States  PAGEREF _Toc169170136 \h 8  HYPERLINK \l "_Toc169170137" The Community Land Trust model  PAGEREF _Toc169170137 \h 11  HYPERLINK \l "_Toc169170138" 4. Other international approaches to dealing with affordable housing  PAGEREF _Toc169170138 \h 18  HYPERLINK \l "_Toc169170139" Vancouver City: A regulatory approach (development control)  PAGEREF _Toc169170139 \h 18  HYPERLINK \l "_Toc169170140" Australia: Regulation v first home owner grants  PAGEREF _Toc169170140 \h 19  HYPERLINK \l "_Toc169170141" 5. The potential for community land trusts in the New Zealand environment  PAGEREF _Toc169170141 \h 23  HYPERLINK \l "_Toc169170142" Preliminary comments  PAGEREF _Toc169170142 \h 23  HYPERLINK \l "_Toc169170143" Applying the community land trust model in New Zealand  PAGEREF _Toc169170143 \h 24  HYPERLINK \l "_Toc169170144" 6. How a Taupo trust might operate  PAGEREF _Toc169170144 \h 28  HYPERLINK \l "_Toc169170145" Assumptions  PAGEREF _Toc169170145 \h 28  HYPERLINK \l "_Toc169170146" Designing a scheme  PAGEREF _Toc169170146 \h 29  HYPERLINK \l "_Toc169170147" 6. Conclusion  PAGEREF _Toc169170147 \h 33  HYPERLINK \l "_Toc169170148" Appendix: Trust design, operation, trustee selection, succession and remuneration and accountability  PAGEREF _Toc169170148 \h 34  1. Introduction Background to this report This report has been prepared for the Taupo District Council ("Taupo"; "the Council") by McKinlay Douglas Limited ("MDL"). In 2006 the Council completed a housing market assessment (HMA) the purpose of which was to gain a better understanding of conditions within the housing market, especially in Taupo township itself, for both the home ownership and rental sectors. The most significant findings from that assessment were: Home-ownership, the primary housing choice, is becoming increasingly difficult to achieve in Taupo for low and mid range income earners/households. There is a reducing supply but high demand for mid range $200,000 - $250,000 housing. The ownership of private rentals by investors has increased by 18.7% between 2000 and 2005. The high demand from renters of these properties is based on decreasing affordability of home ownership. Lower cost housing has been driven out of the market due to increased land prices. High supply but reducing demand for higher value housing. Projected growth of predominantly satellite settlements. Reduction of small scale urban subdivision in favour of large developers (critical mass issues). The Taupo district economy is heavily dependent on a number of industries, including tourism, hospitality and retail, which are relatively low payers. As a consequence, average hourly earnings in Taupo are lower than national average hourly earnings. The Council's housing market assessment reports that average hourly earnings in Taupo were $18.31 in September 2005 compared with $21.17 nationally, that is, 86.5% of the national average. The Statistics New Zealand March 2007 household employment survey provides average hourly earnings separately for males and females. In Taupo the average was $22.16 compared with $24.05 for males nationally and $19.80 compared with $20.85 for females nationally, respectively 92% and 95% of the national averages. This represents a significant improvement from September 2005 part of which may be accounted for by the seasonality of low income employment in Taupo. The combination of a reduced availability of housing in the lower price range with Taupo's somewhat lower average hourly earnings has potentially serious implications for the district economy. Specifically, if the cost of housing is beyond what significant sectors of the local labour force can afford to pay, then there will be serious issues of recruitment and retention. The Council recognizes that this risk to the district economy does need to be managed. It has commissioned this report as a first step in examining one set of possibilities: the potential of a community land trust or similar arrangements to contribute to improving housing affordability for low to middle income households. Layout of the Report The balance of this report comprises the following sections: Part 2An overview of what has been happening internationally with housing affordability. Part 3Affordable housing as community infrastructure including the emergence of community land trusts. Part 4Other international approaches to dealing with affordable housing. Part 5The potential for community land trusts in the New Zealand environment. Part 6How a Taupo community land trust might operate. Part 7Conclusion.  Key terms Several key terms are used throughout this report. The following is a brief description of them. "Affordability": The ability of a household to service a large enough mortgage to purchase appropriate housing. In New Zealand, the standard assumption has been that a household can afford to commit 30% of gross household income to mortgage servicing. the Auckland Regional Affordable Housing Strategy uses a somewhat different approach for low income households. its assumption, for households in the bottom 40% of household incomes, is that they can afford to commit up to 30% of income on housing related costswhich would include not only mortgage servicing, but, rates insurance and necessary maintenance. "Appropriate housing": Housing that provides accommodation and facilities adequate to the households needs and which is located in reasonable proximity to work, schooling and other key facilities (that is, the household has not traded off affordability of housing against unaffordable transport and related costs). "Community land trust": A locally-based private non-profit organisation created to acquire and hold land for the benefit of the community, and with the specific purpose of making it available for housing affordable for households who otherwise would be priced out of the market. "Intermediate housing": Housing, or means for funding the purchase of housing, targeted to households whose income is too high to qualify them for social housing assistance, but too low to enable the purchase of appropriate housing. "Shared equity": A form of financial assistance for the purchase of housing, normally a mortgage, which requires no payment from the homeowner until sale, but on sale requires both repayment of the original advance, and an agreed share of any capital gain. Because they do not require any payments from the homeowner, until sale, shared equity arrangements enable households to purchase housing which is more expensive than they could otherwise afford. 2. Housing markets and affordability House prices v incomes Internationally, the past decade or so has seen a marked increase in the real cost of housing. Associated with this has been a substantial increase in the ratio of average house prices to average incomes. Trends in the affordability of housing have most recently been documented in the New Zealand context in a report for the Centre for Housing Research Aotearoa New Zealand, The Future of Home Ownership and the Role of the Private Rental Market in the Auckland Region, released in March 2007. The following table from the report sets out changes in affordability over the past decade in each of Auckland's territorial local authorities:  In Australia, a background paper for the July 2006 National Forum on Affordable Housing, Key Goals, Targets and Strategies, reports that: House prices have doubled relative to household income during the last decade. They are continuing to rise in most parts of Australia and even a substantial percentage fall would leave them at unprecedentedly high levels. If current trends continue, home ownership levels may fall by 20% or so over the next 25 years. In November 2006 the Mayor of London released the consultation paper Towards the Mayor's Housing Strategy. The paper included the following table showing changes in affordability for London and for the whole of England respectively, looking at the lower quartile of incomes and house prices.  The paper looked for a way to describe the nature of the issue that has emerged, and puts it in terms of the need for an "intermediate" housing sector which it defines thus: "Intermediate housing" encompasses a range of housing options that help to fill the gap between social renting and full home ownership or market renting. It has predominantly involved shared ownership (part buy, part rent) but it also includes sub-market renting. The mayor has played a major role in establishing intermediate housing as a significant new tenure that aims to meet a wider range of housing needs in London than social renting has been able to. Intermediate housing is targeted at households on moderate incomes (currently defined as being above 16,400 and below 49,000) which are not able to access social housing or full ownership. Although a lot of shared ownership has been targeted at a narrow range of public sector key workers to date, by bridging the affordability gap it has the potential to do more to help tackle recruitment and retention problems across London's economy. (Emphasis added.) Experience with housing affordability in much of the United States has been similar. A 2006 report from the Centre for Policy Alternatives, Employer-Assisted Housing for Private Sector Employees, records that: Between 1978 and 2003, the cost of home ownership - including mortgage, taxes, insurance and utilities - increased 30% faster than the incomes of working families with children. Over the past five years, rental costs in central cities have also skyrocketed. At the same time, one of every four workers in America earns less than $8.75 per hour and the median family income actually declined more than 1% between 2000 and 2003, according to the Economic Policy Institute. As a result, low and middle income workers are largely priced out of the urban housing market. While within each country circumstances differ, the pattern shown for London and the rest of England is not dissimilar to experience in United States, Australia or New Zealand. In each country, the worst pressures are in the major metropolitan centres, especially those experiencing significant growth, whilst rural and provincial areas, especially those which lack significant "premium" locations (coastal, river, particularly attractive landscapes), tend to be much more affordable. A qualitative shift in housing markets What has emerged from these experiences internationally is a growing perception that there has been a qualitative shift in the nature of housing markets. Traditionally, governments, and the societies they govern, have accepted a context for housing policy in which the major public challenge is dealing with people who are significantly disadvantaged, and likely to remain so, with the housing needs of the remainder of the community being left to market arrangements. The assumption was that, if you were above the income level which made you eligible for social housing support, then you could look after yourself. This no longer appears to be the case. The result is a growing focus on how societies meet the needs of households whose incomes are too high to qualify for conventional social housing assistance but too low to enable them to purchase appropriate housing through the market. 3. Affordable housing as community infrastructure and the role of community land trusts Social housing v housing as infrastructure In 2006 MDL gave a presentation to the Council on affordable housing. In the course of the presentation we drew a sharp distinction between what we termed "social housing" and "housing as infrastructure". We argued that the crucial factor in "housing as infrastructure" was the need to ensure that the local economy could access (recruit and retain) the mix of labour skills it required. The basic points made, including the role of local government, were: Social housing The focus is on meeting the housing needs of disadvantaged households (via the government's redistribution mechanisms). The rationale is social justice using the taxing and other powers of the public sector to provide assistance to less well off households by redistributing resources from better off households. The role is properly one for central government as owner of the major tax bases (income-tax and GST). Housing as infrastructure The focus is on the prerequisites for meeting the ongoing labour requirements of the local economy. The challenge is how to address the structural imbalance between housing affordability and earned incomes. The objective is to ensure an ongoing supply of labour for those occupations that will continue to be relatively low paid but are essential to the local economy. The local authority should have a natural interest in the provision of housing as infrastructure in much the same way as it has in other essential infrastructure. This does not necessarily imply the local authority either acting as a funder or a provider. There are instances, such as water and sewerage, where local authorities undertake both roles. There are others, such as broadband, where the role has primarily been one of advocacy. The basic assumption is that housing is just as important an infrastructural concern for employers individually and for the local economy as is water, sewerage, energy, telecommunications or roading. The main reason it has not had to be an issue is that, until comparatively recently, it was possible to believe that the combination of housing assistance through government agencies, primarily the Housing Corporation in its various manifestations, and the operation of the private market would provide an adequate range of housing choice. Clearly, that is no longer the case in a number of New Zealand localities including Taupo. As Taupo's own housing market assessment shows, it is now extremely difficult if not impossible for households in at least the lower quartile of incomes to achieve home ownership and it may also be increasingly difficult for households whose income is between the lower quartile and the median household income level. There is some evidence, primarily anecdotal at the moment, that this is becoming a significant recruitment and retention problem in the Taupo labour market. As such, it is not only an employer problem but also a problem for the community as a whole because of the risk to the local economy. Internationally, the distinction between social housing and housing as infrastructure is increasingly drawn (although the terminology is different). There is a growing acceptance that planning to meet the employment needs of, especially, urban economies will include planning to assure the availability of affordable housing. The approach being taken within different jurisdictions is different, partly depending on varying perspectives of the role of the state. There is a particular contrast between England, where the principal focus has been on the interests of the state as employer, and the United States where the major concerns have been those of employers generally. Experience in England and the United States England: Key worker initiatives and intermediate housing In England, the principal activity has been through the government's key worker schemes. These have been targeted to workers in a range of public sector occupations including most National Health Service (NHS) staff, teachers, police officers, prison service and probation service staff, Ministry of Defence staff, some categories of local authority workers, and members of the Fire and Rescue service. As well as income criteria for eligibility, there are also locational criteria, with the government targeting those areas of the country, especially London, where recruitment and retention has been a particular difficulty because of housing costs. The principal means of assistance has been a form of shared equity with the government, through a social housing provider, providing an interest free loan of 25% of the cost of the property (in England government financial assistance for housing is largely provided through local authorities or housing associations). On sale, the original 25% is repaid together with 25% of the capital gain. These initiatives, seen purely as a means of assisting the government's own key workers, do not fit comfortably with this report's argument that housing now needs to be seen, in some respects at least, as very much the equivalent of other local infrastructure. However, there are signs in the UK that the emphasis on the needs of the government as employer (the NHS and local government are included because of their very significant role in providing government funded services) is now extending to the needs of low income households generally. As an example, in December 2005 the Hart District Council (a district within the County of Hampshire) released its housing market assessment. The assessment provides a useful explanation of intermediate housing: In establishing the potential for intermediate housing market products, it is necessary to establish the upper and lower limits of intermediate housing, in terms of household income. By definition, the population for which intermediate housing products would be suited (though not necessarily desired) is defined by those households who can afford more than social rents, but who are unable to afford market prices. (Emphasis added) The Hart District assessment also sought to establish the likely level of demand for intermediate housing. Although it found it impossible to be precise, it had this to say: A significant proportion of households in Hart have an income below that which is required to afford to purchase a 2-bed flat (53% have a household income below 40,000). Similarly, at least 40% of households cannot afford to purchase a 1-bed flat (income below 30,000). Whilst it is impossible to quantify given the income banding shown, a large proportion of households are likely to fall between the income thresholds implied by social rents and the income required to purchase a home. This suggests that a considerable proportion of the district's residents would in fact qualify as needing intermediate housing, and thus unlikely to be able to purchase without assistance targeted to that need. To put this in context, Hart ranks as the least deprived district in all of England. The Hart District assessment was quite critical of the development of intermediate housing products in England, making points which would be very relevant for an equivalent initiative in New Zealand. It had this to say: Over past years schemes have been launched, then discontinued when priorities have changed or resources have been used up. Equally at various points in the housing market cycle, shared ownership has not appeared to provide value for money to purchasers. Such a stop-start approach has had a number of consequences. There is very little consumer understanding of what shared ownership involves and indeed a degree of suspicion given peoples overwhelming desire to become owners (though shared equity can be a stepping stone to achieving this). There are few organisations dedicated to developing intermediate housing products. Some housing associations have a track record, and some developers have dabbled in the market, but there is not the same expertise or market knowledge as in the development of housing for sale or social renting. The limited volume of past activity means that there is in practice a very limited market in the sense that people can readily sell a shared ownership dwelling in one location and buy another elsewhere. There is no volume provision, such as might drive cost reductions and provide the funds for marketing further developments in the market. There is the problem of continued product leakage, in the sense that with shared ownership schemes, owners can staircase to 100% ownership and then sell on the open market. This last point is particularly important when considering options for addressing the affordability gap in New Zealand, if the intent is to build up a permanent supply of affordable housing, as compared with just assisting first home buyers into the market. As already observed, it is the government's key worker schemes which have driven the market in intermediate housing in England. There has also been some development with not-for-profit initiatives focused on the use of community land trusts. These are discussed below after considering first what has been happening in the United States. United States In the United States the concern with what MDL has described as housing as infrastructure has come through more directly both as a statement of employer concerns, and through a number of initiatives driven by employer lobbying. A report published in January 2007 by the Center for Housing Policy ( HYPERLINK "http://www.nhc.org/housing/chp-index/" www.nhc.org/housing/chp-index/), Increasing the Availability of Affordable Homes: A Handbook of High-Impact State and Local Solutions, reports employer concerns and responses/initiatives in the following terms: A growing number of employers in strong housing markets are worried that the high cost of homes will threaten their ability to attract and retain qualified workers. In some cases, this has led employers to provide employee benefit programmes to offset the costs of homes or otherwise assist employees in finding affordable homes. In other cases, employers have supported more general efforts to increase the availability of affordable homes in the community by funding the development of affordable homes, advocating for the appropriation of funds for affordable homes at the state or local levels, or supporting applications for zoning variances and other necessary approvals to facilitate the construction of affordable homes. Communities have adopted a number of strategies to engage employers in leading or assisting efforts to increase the availability of affordable homes. Under one successful approach, states give employers who invest in affordable homes a credit against their state income taxes, providing a powerful incentive for employers to make this investment. The state of Illinois, for example, provides a state tax credit on qualified affordable housing investments made by employers that is equal to 50% of the employer's investment. Practitioners report that the credit has been very effective in stimulating interest among employers in investing in affordable homes for their workers. Another successful approach has been to enlist a local non-profit organisation to manage employee benefit programmes related to affordable homes. Under this approach, communities assist the non-profit to build its capacity to handle these programmes for multiple employers. A number of models have sprung up that use centralised servicers who provide a full range of housing services for the employees of participating employers, such as homeownership education and counselling, down payment assistance, below-market mortgages, assistance with security deposits, rental subsidies etc. An example of this approach is REACH (Regional Employer-Assisted Collaboration for Housing) based in Illinois. The collaboration brings together a broad range of parties including funders, housing specialists and public bodies with a focus on housing. More than 400 employees have bought homes through REACH since 2000 and only five have left their jobs. The Community Land Trust model United States As well as responses which have relied substantially on the ability of lobbying to access taxpayer resources, the United States has also seen the development of an approach which has a quite different ideological basis. This is the Community Land Trust model. The Canada Mortgage and Housing Corporation, in an overview of community land trusts in North America, observes that CLTs are based on "the notion that land is not a commodity, but a fundamental resource in which the community as well as the users have interests. CLTs see themselves as performing a stewardship role over the land on behalf of the community." In the United States, CLTs are supported by a national non-profit organisation, the Institute of Community Economics, which defines a CLT as an organisation which must meet these conditions: Be incorporated as a non-profit. Have a membership open to all residents of the community. Have a board of directors elected by the membership, and that allows for separate representation by residents and non-residents of trust lands. Have as its purpose providing access to the land and housing for low-income people. Hold title to the land in perpetuity for the benefit of the community. Allow for ownership of the buildings on the land, subject to limits keeping the property affordable for future lower-income people. CLTs can be seen as dual-purpose organisations. They are focused both on helping meet the needs of people who cannot purchase appropriate housing in the open market, and on a particular philosophy regarding the nature of property rights in land. Individual community land trusts have achieved some notable successes. A case study of one of the best known such trusts, the Burlington Community Land Trust, is set out on the following two pages.   The obvious critical success factor is spelt out in the following sentence from the case study: Throughout the 1980s and 1990s, the organisation enjoyed the steady support of a municipal government whose housing policy was founded on the twin pillars of encouraging the non-profit production of affordable housing and ensuring the perpetual affordability of any housing produced using subsidies provided by the public. Essentially, the Burlington community land trust has relied on continuing public subsidy to underpin its ability to increase supply although this has been coupled with quite strict rules regulating the rights of households who purchase affordable housing from it. On resale, the owners receive 25% of any appreciation in value and the trust retains its 75%. In an era of continuing appreciation in housing values, this formula: will drive significant asset increases within the trust itself, but also carries with it significant negatives from the perspective of owner households. Specifically, there is a high probability that the return of any deposit the owners may originally have made, together with only 25% of the share of capital appreciation, may not be sufficient for a down payment on a property purchased through normal market mechanisms. If this is the case, there will be a strong incentive for owners to remain, rather than move on and release their property for other households facing similar affordability problems. The point for Taupo District Council to note here is the need to balance the interests of the public in receiving a return on its subsidy, with the incentives facing households that become homeowners under these arrangements. In an ideal world, community land trust support will result in a relatively high level of turnover as people use the initial opportunity as a stepping stone to homeownership in the open market, thus enabling the trust to assist a significantly higher number of households than would be the case if households remain owners long term because they cannot afford to move on.  England The American community land trust movement has been replicated in England with the development of a network of community land trusts ( HYPERLINK "http://www.communitylandtrust.org.uk" www.communitylandtrust.org.uk). As in the United States, English community land trusts operate on the principle of taking the land out of the price equation and restricting the share of increased value which any owner receives on sale. The community land trust web site describes the operating principles of community land trusts as: CLT buys the land, and builds a home on it. The house and land are valued separately. A qualified buyer purchases the house and leases the land from the land trust. The home owner gets support (advice, financial, maintenance). When the homeowner wants to sell, the house (not the land) is again valued. When the homeowner sells, they get a share of the house's increased value (not the land). The CLT keeps the land. The incoming homeowner buys at a much reduced price to an equivalent house on the market. In England, although some land has been made available to community land trusts by private donation, the major emphasis is on accessing land through the intervention of public bodies. There are two principal strategies: Acquiring land on the fringe of urban settlements and then obtaining a rezoning from rural to residential use. The nature of the English planning system is such that the zoning change provides a very significant value enhancement, effectively capitalising trusts which have been able to take advantage of that. Accessing land through so-called Section 106 agreements. These are agreements entered into between local authorities and developers, as part of the conditions attached to development approvals, requiring a proportion of developed land to be set aside for affordable housing in the expectation that the housing itself will be developed by a registered social landlord, community land trust or similar entity. Assessment The basic assumption underlying the community land trust movement is that the major factor making housing increasingly unaffordable for low and middle income households is the increase in the price of land. The response is to take land out of the price equation. Because it is a non-market response, it inherently relies on non-market means of achieving the objective. Land is made available by donation, or through planning gain effectively negotiated with a local authority. Households that access housing through a community land trust accept a number of restrictions on their rights in return for the privilege of purchasing at a less than market cost, typically as a result of the house being on land which is leased long-term at a peppercorn rental. John Davis, in a 2006 report for the US National Housing Institute, Shared Equity Homeownership: The Changing Landscape of Resale-Restricted, Owner-Occupied Housing, provides a useful analysis of the incentives facing housing which is subject to covenants to retain the housing within a "pool" of affordable housing stock and/or restrict the use of the housing to owner-occupation. He notes the considerable incentives owners will have to try and circumvent those covenants in order to obtain a premium on resale, or to use the property as an investment property rather than a home. There are A8 Two different approaches are examined, "deed-restricted" homes, and community land trusts. Deed-restricted homes may have been developed by any one of a number of different public or not-for-profit entities and on-sold subject to conditions that the owner will only resell on certain conditions designed to ensure affordability and limiting the right of letting the property to ensure that it does not become an investment property rather than a home. Many of these arrangements rely on what Davis describes as "self enforcement", the assumption that the market will operate to enforce these covenants. For example, if a property is offered for sale, when title searching discovers the existence of the covenants, the assumption is that purchasers, lenders and advisers will all be alerted to the restrictions and comply with them. In practice experience suggests the opposite, that all parties will look for means of circumventing the covenants. Davis notes that this is exactly the outcome to be expected from the incentives which the owner, a prospective purchaser, and other parties each have. In contrast, the community land trust model relies on active enforcement, with the structure of the community land trust itself being designed to avoid the risk that, if the majority of people involved in governance were homeowners, they would have an incentive to relax the covenants in their own self-interest. The Davis report is strong evidence for the proposition that retaining owner-occupied housing within a pool of affordable housing requires both careful design of the property rights held by the homeowner, and ongoing monitoring and oversight to ensure that the housing remains within the affordable pool regardless of changes of ownership.  Maximising the supply of affordable housing under a CLT There is another and potentially more serious matter which needs assessment when considering the community land trust model. This is the effectiveness of the model in maximising the supply of affordable housing within the resources available to it. In England the emphasis has been on comparing the efficiency of subsidy use within the community land trust, with the efficiency of subsidy use in government housing support schemes. There is a view that the latter are relatively inefficient because the benefit of the subsidy, in relation to a particular property, disappears with a change of ownership. Community land trusts, by retaining ownership of the land in perpetuity as a means of ensuring that successive owners all satisfy criteria determining the need for access to affordable housing, are seen as a superior approach because the benefit of the subsidy should also remain in place in perpetuity. However there appears to be a significant flaw in the English approach. Although the price at which the house is sold, in the first transaction, is based on the purchaser's servicing ability, subsequent sale prices are not. Instead, they simply recover the amount that the house "owes" the community land trust at the point of sale. The effect is to increase the amount of assistance given to each subsequent household as a proportion of the market value of the house without regard to the maximum amount of mortgage debt which subsequent purchasers could reasonably be expected to service. The implications of this can be seen from the following model taken from Redefining the Commons: locking in value through community land trusts, a publication of the UK-based Building and Social Housing Foundation:  In this model, the first purchaser (Household One) pays 75% of the cost of the house and land based on the fact that the purchaser can afford to service that amount of debt. On sale, Household One is paid out the amount it contributed ( 75,000) plus 25% of the increase in the value of the property, a total of 95,000. Household Two then purchases the property for that same 95,000. Household One has received assistance of 25% of the market value. Household two received assistance equivalent to 47.2% of the market value. Household One's level of assistance was based on the amount of debt which it could afford to service. No such test was applied to Household Two (other than, presumably, being satisfied that it could afford to service 95,000). The likelihood is that the maximum amount Household Two could reasonably afford to service would lie somewhere between the 52.8% of market value actually required from Household Two, and the 75% figure required from Household One. The failure to apply a serviceability test to Household Two almost certainly means it has received more assistance than required, thus reducing the ability of the community land trust to help other households. This example really highlights the importance of any assistance rule under a CLT being related directly to the debt servicing ability of households rather than the amount the community land trust happens to need to clear any debt it has in relation to the property. 4. Other international approaches to dealing with affordable housing There is a growing interest, internationally, in exploring ways in which governments (central, state, local) can intervene in housing markets in order to increase the supply of affordable housing. The intent of this section is to round out the picture of possible approaches, rather than to suggest their immediate value in the Taupo context. Indeed, as we show, other approaches being taken elsewhere have distinct drawbacks such as may defeat the purpose. Generally the focus has been on using either the regulatory or the taxing/funding powers of governments as a means of mitigating the impact of rising cost on access to affordable housing. In this section of the paper we examine examples of each approach, selecting ones that have attracted attention within a New Zealand policy environment. We conclude by considering an early New Zealand initiative, the property speculation tax, in order to draw lessons about the respective capabilities of and incentives facing bureaucrats and politicians on the one hand, and market participants on the other. Vancouver City: A regulatory approach (development control) Since 1988, the City of Vancouver has required developers of major projects to set aside 20% of sites for non-market housing. The price paid to the developer is based on typical construction and land costs in the region. These are used to set the maximum budget for land and building. The payment the developer receives for the land is that budget limit less the cost of developing the housing. Typically, the housing will be held under a 60 year lease from the city to a not-for-profit housing organisation which in turn rents it to tenants who qualify as eligible for affordable housing assistance. Essentially, the city is using the fact that developments require planning approval as a means of extracting what amounts to a subsidy from the developer for affordable housing (or more correctly from the people who purchase the balance of the development). It is clear that this does depend on the planning process creating a premium such that, after meeting the affordable housing contribution, the developer can still achieve its required rate of return. Indeed, the city acknowledges that it cannot impose the 20% requirement in every instance: in some cases, the economics of the project will not sustain the full contribution. There is a strong implication that the programme amounts to a cross subsidy from open-market purchasers of units in the remaining 80% of the development, to the households that occupy the affordable 20%. This follows from the virtual certainty that developers will only proceed with a development if, across the whole of the development including both the affordable housing and the open-market components, it is able to achieve its required rate of return. In turn this suggests that development controls are operating to restrict supply beneath the level which would apply in the absence of restrictions as it is only by artificially restricting supply that prices can be forced above what would otherwise be the market equilibrium. There is an implication that this approach to encouraging affordable housing may, in fact, be driving housing prices up generally. A recent discussion paper produced by the Greater Vancouver Regional District Policy and Planning Department suggests that this may indeed be the case (Discussion Paper on a Regional Affordable Housing Strategy for Greater Vancouver, November 2006). The paper contains a number of comments which suggest that the set-aside requirement has not been effective in addressing problems of housing affordability. It also suggests that the development control approach itself may be adding to housing problems. The observations in the paper include: Greater Vancouver continues to have the highest housing costs in Canada (the paper actually shows that the average residential price in Vancouver in 2006 was in excess of $C500,000. The next highest average, in Calgary, was a little under $C 370,000). Apart from the issue of affordability, the history of housing production in Greater Vancouver demonstrates the market's frequent inability to produce the housing supply required to keep pace with demand, particularly rental housing. The level of municipal involvement varies widely across the region and both the Provincial Housing Minister and the development industry have suggested that some municipal development control practices have been an impediment to achieving affordable housing goals. Australia: Regulation v first home owner grants South Australia: A further regulatory approach South Australia has recently adopted legislation which would require a broadly similar approach to that followed in Vancouver, with local authorities given power to require the set-aside of 10% of any development for affordable housing and 5% for high needs housing (social housing). This has been hailed by the South Australian government as a major breakthrough. The New Zealand Minister of Housing has expressed a strong interest in following this precedent. It is too early to assess the South Australia experience, and make a judgement on whether it is genuinely a contribution to easing the affordability crisis, or another initiative whose purpose will, in effect, be defeated by the market as developers move to ensure that they are still able to receive the rate of return which they require. A recent commentary issued by the Australian Institute for Social Research and the Don Dunstan Foundation is somewhat reserved, commenting that "there is no clear sense that the impact of the new South Australian housing policy directions on the supply of low income housing will be positive. The early signs are that they will be marginal at best." On the other hand, a presentation earlier this month by the South Australia Affordable Housing Trust suggests that the range of tools which the state government, in partnership with local authorities, will use will be quite diverse and designed to ensure that developers are encouraged to participate. There is a suggestion that the package of measures could include allowing developers a planning bonus for including affordable housing so that rather than (say) being permitted to develop 100 units within a development, they may be allowed to develop 130 with the additional number of market-based units compensating for the requirement to produce 15% at below market. This may solve the developer's problem but raises the separate question of the social impact of a planning bonus. If 100 units represented the best judgement on the appropriate intensity of development, there is an implication that permitting 130 constitutes a dis-benefit for the community at large. Federal Government: Targeted financial assistance The best-known Australian intervention intended to improve access to home ownership is the first home owners scheme which provides a grant of $A7,000 towards the cost of purchase of a first home. Opinions on the impacts of the scheme vary. Dr Lionel Orchard, a senior lecturer in the Institute of Public Policy and Planning at Flinders University in Adelaide, writing on housing policy, claims that "national government policies, specifically compensation for the GST in the form of the First Home Owner's Scheme, had, along with low interest rates, helped to fuel the boom." However, the Australian Productivity Commission, in a 2004 report on First Home Ownership, when considering factors that had been driving the increase in housing prices, concluded that the impact had been relatively small: One impact was the boost to demand provided by the First Home Owner Scheme, which in compensating for the GST has injected an additional $A4.3 billion into the housing market over the past 3 years. However its overall effect on prices has been relatively small. The Commission was more concerned with the targeting of the scheme. It had this to say: However, a deficiency in the present arrangements, reflecting the initial compensation rationale, is their limited targeting. The bulk of FHOS assistance goes to households with above-average incomes, who might otherwise have purchased a house before too long, even without assistance. In the Commission's view, the scheme would have a greater impact on first home ownership if it were more closely targeted at lower income households, with a commensurate increase in grant levels. It recommended that assistance should be targeted to "the housing needs of lower income households by restricting eligibility to homes below (regionally differentiated) price ceilings". The FHOS experience illustrates the difficulty of endeavouring to design targeted financial assistance to improve the ability of people to purchase housing services in the open market. The Commission's recommendation (which was not adopted) would probably have targeted assistance more directly but: Might not have achieved the desired result as, depending on the size of the grant increase, it may have provided a strong incentive for first home buyers from above-average income households to purchase low-cost houses as a means of capturing the subsidy. If the grant was significantly greater than the current level of $A7,000, and targeted at lower cost houses, its potential to push prices up significantly could be much enhanced, thus defeating its intended purpose. Assessment The Vancouver and Australian examples were both chosen to illustrate the difficulties associated with direct government intervention in housing markets. Although the concept of intervention appears attractive, specific interventions often suffer from significant design difficulties, as well as an asymmetry of experience and incentives between the bureaucrats and politicians who design them on the one hand, and the market savvy developers and investors who respond to them on the other. A New Zealand example will make the point. The 1972-75 Labour Government was extremely concerned at the extent of what it described as property speculation. Its specific target, in seeking to regulate property speculation, was the then well established practice of property speculators purchasing low-cost inner-city dwellings for cash, borrowing a first and second mortgage through their solicitors to fund virtually the entire purchase price, and on-selling the property to (usually) a first home buyer under an agreement for sale and purchase. The typical transaction allowed the speculator to take a very quick profit and then simply rely on payments from the purchaser to meet mortgage commitments. The Government and its advisers believed they knew the answer. It was the introduction of what became known as the property speculation tax. This tax was designed to claw back the great majority of the profits if the property was sold within three months of purchase, and with the tax gradually phasing out so that properties sold more than two years after purchase were not caught by it. Within 24 hours of the enactment of the legislation legal advisers for the major speculators had found a foolproof way of avoiding the tax. Instead of properties being on sold under an agreement for sale and purchase, intending purchasers were granted a lease which included an option to purchase, under agreement for sale and purchase terms. The option could not be exercised until two years and one day after the original purchase, thus taking the transaction outside the scope of the tax and completely defeating the Government's intention. Not only did officials and politicians miss their intended target. They had also failed to realize that, with the rather primitive capital markets New Zealand had in those days, the development of residential sections for low and medium cost housing was financed very substantially by selling off the approved scheme plan under an agreement for sale and purchase, with development commencing once sufficient sections had been sold to persuade a financier that the developer had enough cash flow to service the development debt. The initial purchasers were typically individuals looking to make a short-term profit through on selling the completed sections to builders. It was a primitive approach but, in the highly regulated state of New Zealands then financial markets, it was an effective means of producing a needed supply of new sections. This arrangement was totally caught by the new legislation. There was no equivalent device available to enable its avoidance. The result was that the people who had been the original purchasers from the subdivider, instead of making sections available for builders as soon as the subdivision plan had been deposited, were holding sections back until the expiry of the two-year period. This resulted in a significant gap in supply with the result that, in many parts of the country, the cost of new sections went up by something in the order of 50%-100% over a three-month period as builders competed for what was a suddenly and drastically reduced supply. The government had both totally failed in what it believed was its objective of protecting first home buyers purchasing older inner-city houses, and succeeded in substantially increasing the cost of new homes for low and middle income households! 5. The potential for community land trusts in the New Zealand environment Preliminary comments This report's review of international experience with community land trusts specifically, and shared equity arrangements generally, shows that there are two overlapping but conceptually quite different objectives being pursued. The first objective, which provides the ideological underpinning for community land trusts, seeks to take land out of the price equation. As the Canada Mortgage and Housing Corporation overview of community land trusts expressed it, for CLTs "land is not a commodity, but a fundamental resource in which the community as well as the users have interests". The second objective is the establishment of an adequate market in intermediate housing, housing targeted towards households whose incomes are too high for them to be eligible for conventional social housing assistance, but too low to enable them to purchase appropriate housing in the market. The first objective is an entirely appropriate one for a community organisation, but would not satisfy the normal tests of public policy for a tax or rate payer funded organisation unless there were a broad community consensus, and associated willingness to pay, that land should be "taken out of the market". There is no such consensus within the New Zealand community at the current time. The implication of this for community land trusts as a means of developing affordable housing is simply that any public assistance for community land trusts should be provided on a basis consistent with the policy objectives of the public body or bodies concerned. In other words, the assistance itself should be targeted not towards taking land "out of the market" so much as towards supporting the affordability objectives which the public body itself had set. There is a related implication for public bodies considering the establishment of a separate entity to provide affordable housing. The essence of the community land trust, at least in the North American and British experience, is not just contributing to affordability, but doing so in accordance with a specific set of beliefs about the nature of land, and the democratic governance and accountability of organisations working on community housing. The conclusion this leads to is that the experience of community land trusts itself is relevant, but that any entity established by a New Zealand public body as part of a strategy of improving housing affordability should not use the term community land trust. To do so risks creating a misleading impression about both the objectives being pursued, and the way in which the entity itself will operate. Applying the community land trust model in New Zealand Queenstown Lakes The above conclusion appears to be the view which has been adopted by the one New Zealand local authority that has so far sponsored the creation of a separate trust to address housing affordability. The Queenstown Lakes District Council has recently established what it describes as a Community Housing Trust. That trust is effectively a joint venture between the Council and the development community, triggered by developer concern that the absence of affordable housing within the district constitutes an actual commercial risk that developers themselves will need to manage. All developers who require a plan change from the Council will be asked to contribute 5% of the total sections in the development as land for community housing to be owned and operated by the Community Housing Trust. The proposal is acceptable to developers because of the unique characteristics of the Queenstown-Lakes property market which enables recovery of the cost of a 5% contribution as part of the sale price of the balance of the development. Taupo The Taupo situation is not the same. Although Taupo faces pressures similar to Queenstown, and a sense of a lack of affordable housing for the labour force required to service the district's tourism, hospitality and retail sectors in particular (and its public services), its residential property market is not so dominated by a series of large developments, or driven by such a strong demand. For Taupo, the tools for resourcing a community housing trust will need to be different. The Council has already suggested making available a number of sections from its own developments, subject to being satisfied that the trust would use them in a way that promotes the Council's objectives in respect of housing affordability. Another possible tool that would draw on funding from the business sectors for which housing affordability presents the greatest risk, is discussed below. The focus of a community housing trust The Council has made a clear distinction between the role of central government as supporting social housing, and the role that local government might undertake in promoting access to affordable housing. This distinction is consistent with the emerging emphasis, internationally, on intermediate housing as a term identifying the group whose incomes are too high to make them eligible for social housing assistance, and too low to achieve home ownership in the market. In practical terms, a combination of two separate criteria defines this group: The first criterion is that household income is no greater than 120% of area median household income. The second is that assets available to the household to assist with housing purchase are insufficient, given the households income, to enable purchase. To put this another way, when the deposit they can raise is taken into account, their income is insufficient to service a mortgage sufficient to bridge the gap between deposit and purchase price. The Council has also made the judgement that, within the target group for intermediate housing, it is concerned with people working in specific occupational areas those that are both (a) significant for the operation of the local economy, and (b) experiencing significant recruitment and retention problems. Here there is a parallel with the English experience. This has in the past focused on "key workers" - workers in public service occupations such as teaching, health care, police and social services but is now being extended to include what are termed "essential workers", people in occupations outside the public sector but which are still crucial for the functioning of the local economy. The target groups for Taupo will include a range of public sector occupations but also, and in some respects primarily, workers in industry sectors such as hospitality, tourism and retail. The emphasis on targeting people in particular occupations will raise the question of the extent to which employer groups themselves should be invited -or required - to make some form of contribution rather than relying solely on support from the council. Why a trust? Why should the Council promote the establishment of a trust to develop the intermediate housing market, using sections from its own developments as the catalyst, when it could simply decide to make sections available from its own developments, to defined categories of workers, at a discount to assist them build their own homes? There are several reasons. First, there is an important allocative function. Almost certainly, there will be more applicants than there will be sections or other forms of assistance available. Making the allocative function the responsibility of a separate trust will help depoliticise the allocative function and relieve the Council of a potentially significant pressure. Second is the question of how to get best value from the subsidy the Council is providing. If the Council simply made sections available at a discount, that would be a one time subsidy to the household receiving the section. When that household sold, it would capture the whole of the sale price, including the subsidy element. Much greater value can be obtained if the subsidy element is recycled, with a portion of the sale price being retained by the subsidy provider. This requires not only a long-term relationship with the individual households that receive assistance. It also requires quite close monitoring, and detailed contractual arrangements to protect the interests of both parties. The typical way in which this kind of subsidy is passed on to individual households is through a shared equity arrangement under which the household makes no payment on the subsidy element, whilst it remains owner of the property, but repays the subsidy element together with an agreed additional amount, usually expressed as a share of the capital gain on the sale. The arrangement also normally requires that the property is used as the principal residence of the household, and restricts any subletting. To make this work, a number of measures need to be addressed. First, what if the household makes significant improvements to the property whilst they are the owners? Normally, this will be dealt with by a covenant providing for the improvements to be separately valued, and that value allocated solely to the household. Next, what about maintenance? Since that will affect the value of the equity share, and the amount of capital growth, it is usual to require that the household keep the property maintained to an agreed standard, with a right for the subsidy provider to undertake the maintenance itself, if the household does not do so, and recover the cost. The principal residence requirement will also be a covenant in the arrangement with the household, again with provisions setting out what happens if the covenant is breached. The complexities associated with making this kind of arrangement work effectively do require ongoing monitoring which suggests the need for a separate specialist body. Finally, the emphasis on workers in specific occupations suggests there should be a strong involvement from the relevant employer groups. Taken together, these considerations strongly point to the establishment of a separate specialist entity. Because the overarching purpose is one of underpinning the well-being of the community, an incorporated charitable trust is the appropriate vehicle from amongst the following three possible options for the proposed purpose and functions of such an entity: An in-house business unit. A council controlled organisation (that is, an organisation separate from the council, but with at least the majority of its governing board appointed by the council). A separate entity, independent from but working closely with the council. An in-house business unit is not appropriate as it would involve the council itself undertaking a range of commercial activities outside its normal core business, and becoming involved in decisions, such as subsidy allocation, which could become politicised if undertaken through the council itself. The second option of a council controlled organisation has a number of disadvantages - for example, even if it was set up as a charitable entity, its income would still be taxable. This leaves the third option of a separate entity constituted as an incorporated charitable trust. The benefits of this include the fact that it can be directly accountable to and controlled by the community, rather than indirectly through the council. (Accountability to the council, in terms of its objectives, can be provided for separately through whatever arrangements are entered into between the council and the trust in relation to any sections transferred to the trust by the council.) The appendix to this report sets out proposals on trust design and operation, trustee selection and succession and accountability. 6. How a Taupo trust might operate This section is written on the scenario that the Council wishes to proceed with a trust. Assumptions It is assumed that the Council provides the trust's initial resourcing. MDL understands that this will happen through the transfer of one or more sections which the trust will use to build housing which will then be made available to qualifying purchasers. It is also assumed that the Council will expect the trust to seek maximum leverage from the resources the Council provides. This objective will be defined in terms of the number of affordable housing units which the trust is able to create directly by using the sections provided to it, and indirectly by using its assets, and its commercial skills, to generate additional units. Internationally, as we have seen, there have been two different approaches taken to providing assistance to the intermediate housing market. One has been through leasing land at a peppercorn rental, effectively taking land out of the price equation. This is the predominant community land trust model in other countries. The other approach is to provide what could be termed gap finance a loan to make up the difference between the purchase price on the one hand and the purchaser's available deposit plus maximum affordable mortgage on the other. The mechanism for providing the "gap finance" itself is straightforward. The trust would sell the housing unit at market value requiring the purchaser to contribute an agreed minimum deposit (probably in the order of 10%) and raise the maximum mortgage which it could reasonably expect to afford. The difference between those two amounts, and the total purchase price, equals the required "gap finance". On settlement of the sale, the purchaser would pay over cash equivalent to the amount raised through their deposit and mortgage finance, together with a signed mortgage for the amount of the "gap finance". From the Council's perspective, the lease approach of making land available to qualifying households at a peppercorn rental has disadvantages. It fixes the amount of assistance at the value of the land. This may be more assistance than the first purchaser requires. As most of the increase in value in residential property results from increases in the value of land rather than improvements, the lease approach also means that each subsequent purchaser receives a proportionately greater amount of assistance. This suggests that the gap finance approach will be much more effective in gaining maximum leverage from the assistance the council is prepared to make available. Designing a scheme Who would be eligible, and for how much assistance? The Council's objective is that the trust should develop the intermediate housing market in Taupo, focusing on people who are in defined employment categories. Because Council support through the trust (or other support which the trust may generate) would be in the nature of a subsidy (this is the way that this type of support is customarily defined internationally, simply because the council is providing its support at less than full market cost, in this case, because it has left the purchase price of the sections owing by way of an interest-free loan), who is eligible, and the terms on which they will be eligible, will need to be carefully prescribed. The question of defined employment categories is a matter which could either be dictated by the Council, or be the subject of negotiation between the Council and the trust on the assumption that the trust will be able to develop a good understanding of what are the critical need areas from an employment perspective. It would make good sense to select categories on the basis of current relevant experience with recruitment and retention combined with judgements as to how essential the occupations concerned are to the health of the local economy. There is now a well settled view that eligibility to be included within measures to encourage intermediate housing is defined by a combination of household income and assets. The households concerned should be above the level of eligibility for social housing assistance, have household incomes which are less than 120% of the area median household income, and have a combination of household income, and assets, such that they are unable to purchase appropriate housing on the open market. It is conventional to regard 30% of household income as the reasonable maximum to expect a household to commit to servicing mortgage debt (other housing related payments such as rates, insurance and maintenance will come on top of that percentage). MDL does not have information on household incomes within Taupo. Accordingly for illustrative purposes, we use material from Queenstown which has undertaken a similar exercise in assessing eligibility including the amount of assistance. It has assumed that purchasers will play a deposit in the range 15%-20% of the household income if they have no dependants, and 10% if they do. On that basis, the maximum purchase price that households in different income bands can pay, and the mortgage they can afford to service, is assessed as shown in the following table (the figures would have changed slightly as a result of the latest increases in mortgage interest rates):  MDL understands that the current expectation is each section transferred to the trust will be suitable for the construction of two townhouses and that the likely land value will be in the range $150,000-$200,000, or $75,000-$100,000 for each townhouse. If the townhouses can be constructed for approximately $200,000 each, that gives an all up value of $275,000-$300,000. On that basis, and assuming that the income bands in Taupo are not significantly different from those in Queenstown, a purchaser in the 80% band would need assistance of $75,500-$100,500, in the 100% band $39,100-$64,100 and in the 120% band no assistance. The trust will be faced with making judgements (trade offs) between assisting a lesser number of lower income households or a greater number of higher income households. MDL would expect that, in practice, the trust would settle on a balance between lower and higher incomes, amongst other things taking into account the importance of the employment needs of the local economy. The nature of the assistance will be a mortgage advance which will be free of interest but, on repayment, will be entitled to a share in the difference between the original purchase price and the value at the time of repayment (sale price if the property is sold; independent valuation if the mortgage is repaid but the property remains in the ownership of the purchaser). There is no consensus internationally on how the growth in value should be shared between the homeowner and the entity providing the gap finance, although there is a growing tendency to accept that the percentage which should come back to the gap financier is the same percentage of the growth as the gap finance advance was of the original purchase price. This has been largely influenced by the relatively large number of transactions under the English key worker scheme which has operated on the principle of providing 25% gap finance and receiving 25% of the gain on sale. One factor which has been seen as extremely important in setting the share of value growth that should accrue to the gap financier is the importance of encouraging turnover, so as to maximise the number of households assisted over time. Here the risk is that, if the value share is set on the high side, it may provide an active disincentive, as the household could conclude that once it recovers its deposit plus any reduction it has made in its first mortgage, plus its share of value growth, it will be unable to purchase an alternative property. Queenstown has adopted the approach that the share of value growth should equate to the share of total cost put up as gap finance. It would make sense for Taupo to follow this precedent, if only because, at least at the margin, there may be an element of competition between Taupo and Queenstown for key employees in the tourism and hospitality sectors. Other matters that will need to be dealt with relating to the terms of assistance include: Should the support arrangements include any provisions requiring repayment or refinancing if the household's income moves significantly above the qualifying band for assistance? Should repayment be conditional upon remaining in one of the approved employment categories? What restrictions should be placed on subletting? What should happen in the event of either death of the person whose employment status qualified the household, or separation? Finally, perhaps the most difficult issue confronting the trust will be how to allocate scarce resources amongst what could be quite strongly competing demands. Assume that the Council transfers six sections to the trust in its first year of operation. On the basis of two townhouses per section, this would allow the trust to assist a maximum of 12 households, if the assistance each household required was effectively the equivalent of the value of the land component of the transaction. Applicants could be a multiple of this number. The trust will need to determine a transparent and publicly acceptable policy for determining which applicants should qualify. As we have seen above, with higher income households the amount of assistance required might be less than the value of the land component, thus increasing the number of households that could be assisted. However, if the trust decided that the best way to deal with more applicants than it could assist was to target higher income households, that might be seen as unacceptable. The trust will need to strike a balance. One possibility is to decide, in advance, that (say) 50% of its available assistance would go to households in the 80% band, 35% to the 100% band and 15% to the 120% band (which is likely to require only a relatively small amount of assistance). In terms of deciding which actual households should be assisted, the trust might decide to operate a ballot system amongst qualifying applicants. It might decide that its assistance should be spread across a different employment categories, and work with representatives of those categories to determine who should qualify. Leverage MDL understands that the council may, if it is satisfied with the trust's performance, transfer additional sections to it in subsequent years. MDL expects that part of the performance which the Council will assess will be the trust's ability to generate additional resources. Possible options include: Using the trust's assets as the basis for leveraging borrowings, which could provide the basis for additional transactions. In broad terms, if the Council transfers six sections to the trust, and the value in those sections is used to provide gap finance, the trust will have financial assets with a nominal value in the range of $900,000-$1,200,000, although the actual value will be somewhat less than that because the assets themselves will not mature until sale of the properties concerned and the return on those assets will be uncertain (a pro rata share of any value growth). Nonetheless, the assets should provide security for further advances which could generate additional activity. Reaching an agreement with key employment sectors that they themselves should make a contribution to helping create an effective intermediate housing market targeted towards their own employees. One possible means of doing so is through a targeted rate which would be collected by the Council and paid over to the trust. The Council has the legal power to adopt such a rate but, as a matter of good practice, should do so only after putting the matter to a vote of the ratepayers who would be affected. The trust's role would be working with ratepayers in the employment categories being targeted by the trust to ensure that they were prepared to support such an initiative. This would no doubt include reaching agreement on how the targeted rate would be used. 6. Conclusion The purpose of this report has been to provide an overview for the Council of the use of community land trusts as a means of addressing housing affordability within the Taupo district. Community land trusts have evolved in a very specific environment, with an emphasis on removing the cost of land from the housing price equation. The normal approach has been to make land available to qualifying households on a long-term lease at a peppercorn rental so that the household was required to pay for the cost of the house only not the house plus land. The effect, in many cases, is to provide households with more assistance than they actually require in order to purchase an affordable house. This points to the conclusion that adopting the community land trust model in total risks being a relatively inefficient use of resources. This is because of the likelihood that fewer households would be assisted by simply taking land cost out of the equation, than if the amount of assistance was tailored to the actual needs of each eligible household. Otherwise, the general approach of community land trusts in making assistance available but on the basis that, when any property is ultimately sold, capital gain is shared between the trust and the household has promise for helping address Taupo's growing problem of housing affordability. This report has also provided some guidance on what would be involved in establishing a trust to carry out the council's objective of improving housing affordability. MDL's next report focuses in more detail on the case for such an initiative, the role of the trust, the objectives it should serve, its relationship with the council, and general principles for its operation. . Appendix: Trust design, operation, trustee selection, succession and remuneration and accountability Trust design and operation There are some basic principles to follow in the design of any charitable trust. They include that: The charitable purpose should be broadly defined to avoid the risk that, if circumstances within the Taupo community change, the trust purpose may no longer fit. Note that its actual wording may require fine tuning during the drafting process to satisfy the Charities Commission and the Inland Revenue Department. The trust deed should give the trustees broad powers for the operation of the trusts affairs including full commercial powers (but subject to including adequate provisions to ensure that trustees protect the assets of the trust against risk). One objective in the formation of the trust should be that it is able to take advantage of whatever commercial opportunities may present themselves, provided that doing so can help grow the intermediate housing sector. It would be inconsistent with this to try and artificially limit the powers available to trustees. The trust itself should be incorporated under the Charitable Trusts Act. This has a number of advantages including giving the trustees themselves substantial protection against personal liability. It also means that the trust can adopt a single name in which to hold trust assets, rather than needing to list all the names of individual trustees and change those as trustees change. Trustee selection, succession and remuneration Selection The success of the trust will be crucially dependent on the personal qualities, experience, capabilities and commitment of the trustees. Especially for the initial trustees, the job will require skills covering activities that include: Creating what will amount to a potentially significant business operation. Developing allocation criteria designed to optimise the trusts impact on the creation of a viable intermediate housing sector in Taupo. Building employer and wider community support for the trust's objectives. This makes it important that the trustee selection process produces trustees who are "fit for purpose ". In broad terms, there are two possible options: election or appointment. Election of trustees to a trust of this type is not a favoured option. Experience makes it clear that it is extremely difficult - virtually impossible - for the election process to produce the mix of skills, capability and experience, as well as the appropriate representative basis, required for the effective operation of the trust. This leaves the option of appointment and the question of how appointment should be handled. One possibility is for each of a group of named organisations (the Council, iwi, business organisations, defined community groups) to have the right to appoint one or more trustees. Although this can seem a good way of getting a representative cross-section of people, it does have a number of drawbacks. They include: It can be very difficult to get a consistency of approach in terms of selecting people on the basis of required skills, capability and experience. This becomes particularly difficult when a mix of experience is required. Experience suggests there is a very real risk that people will see themselves appointed to act on behalf of the group or interest that appointed them, rather on behalf of the community as a whole. Related to this is the question of trustee accountability are trustees accountable to the community as a whole, or accountable individually to the organisations that appointed them? Problems arise if one or more of the appointing bodies goes out of existence, or becomes less committed to its appointment role. A further issue is the relationship between the number of appointing bodies and the number of trustees. For a trust of this type, the ideal number of trustees would be either five or seven. It would not be surprising if the number of local organisations which could claim an entitlement to be involved in appointment is at least 12-15. If each organisation was to appoint one trustee, it would raise the number of trustees to 12-15, much too unwieldy for effective governance. The alternative of trying to pair organisations so that each trustee was appointed on the nomination of two named organisations is not attractive. One way of resolving the appointment issue, and balancing the need for broad-based community representation in the appointment process with the need to create a relatively small and highly qualified trust board, is to use what is known as an electoral college approach. Under this process, a single body, the trust electoral college, would be responsible for appointing all trustees (five or seven). The trust deed would set out the rules for how the electoral college would be formed, and its role in appointing trustees. The electoral college could be set up as one representative of each of a number of named organisations, and could be large enough to make sure that it was representative of the whole community. Its task would be to select and appoint trustees. The trust deed should spell out how the selection and appointment process would operate. A common process would include: Preparing a job description, and a person description (what kind of personal characteristics, background, experience etc was required). It would be usual for the trust deed to set out the key requirements both for the job description and the person description, but with discretion for the electoral college itself to complete the detailed descriptions following the guidance in the trust deed. Publicly advertising for applications. Reviewing applications and preparing a shortlist for consideration by the electoral college, with the electoral college deciding which applicants should be interviewed. Interviewing applicants. Preparing recommendations for the electoral college's consideration. Deciding which applicants should be appointed as trustees. It would be usual, if the electoral college has a large number of members, for the detailed work of preparing job and person descriptions, advertising, preparing a shortlist and interviewing applicants to be handled by a subcommittee of the electoral college. However, the electoral college itself should approve the shortlist, and make the final appointments. This could include the electoral college itself interviewing the candidates recommended for appointment to be satisfied that they agree with the recommendations. It is important that, once people are appointed as trustees, they are accepted as genuinely representative of the community. This means thinking carefully about how the electoral college itself takes decisions. If it had 15 members, and made decisions on a simple majority, this could result in someone being appointed on an 8 to 7 vote. If, as may be the case, two or three members were absent from the decision-making meeting, someone could be appointed as a trustee with the support of only a minority of members of the electoral college. It is also possible, if a simple majority vote was sufficient, that someone could be appointed without the support of any organisations from a key grouping within the community. To deal with these sorts of problems, the electoral college's decision rule might include requirements: For a super-majority - this could be expressed as (say) a requirement for two thirds of those present and voting to support appointment. It could be a requirement that two thirds of the membership support appointment. That the majority include a stated proportion of the representatives of certain key organisations/sectors. Succession The next question involves the length of time for which someone is appointed as a trustee and when and how they cease to hold office. First, is very usual for trust deeds to set out a number of situations in which a trustee would automatically cease to hold office. Bankruptcy, a criminal conviction which carries with it liability to a jail term for a stated minimum period of years, and insanity are among them. Next, it is usual for trustees to be appointed for a three year term. Apart from the actual term, there are two other important issues: How many terms should a trustee be able to serve? Should all trustees' terms expire at the same time, or should they be staggered? Deciding on the number of terms requires balancing the need to bring in new blood from time to time (and move on people who have passed their "use by date") with building up the skills of the trust board itself - often, it will take new trustees 12-18 months to really get to understand their role, so that unless they can be appointed to one or two further terms, there is a risk that the trust board as a whole would be relatively inexperienced. Balancing these two different requirements is normally done by limiting the number of terms to (say) three, that is, a maximum of nine years. Deciding whether all trustees' terms should expire at the same time, or whether they should be staggered, involves balancing two different objectives. The first is being able to deal quickly with a poorly performing trust board. The second is maintaining a level of experience and institutional knowledge. If trustees are appointed for a three-year term, the normal approach to staggering their terms is to require that one third retire each year (in the first two years of a trust boards existence, it is usual for trustees to draw lots to decide which ones will retire at the end of the first, and then at the end of the second year). This means that, if a trust board is not performing well it can take upwards of two years to fully replace it. On the other hand, if all trustees terms expire at the same time then: The opportunity to bring new trustees on comes up only once every three years. There is a very real risk, if the people appointing trustees decide they want a "clean out", of losing institutional knowledge. On balance, the better approach is to stagger trustees terms and rely on using good appointment processes to minimise the risk of ending up with a poorly performing board. Remuneration Another, and a very important question, in establishing a board of this type (a community based organisation, but requiring strong commercial skills) is whether and how much trustees should be paid. If trustees are not paid, there is a possibility that they will give a lesser priority to their trustee responsibilities, preferring to work on other things which will actually generate an income for them. On the other hand, if they are paid, there is a very real risk that much if not all of the trust's income after other expenses will go on trustees fees. As an example, if it was decided to pay trustees $5,000 per annum each (a relatively low fee for a role requiring strong commercial skills) and there were seven trustees, that is $35,000 a year. This trust will have a strong community commitment, and it is reasonable to expect that people putting themselves forward as trustees will see their role as at least in part a chance to give something back to the community. This suggests that trustees should be more attracted by the potential of the role, than the fees they might receive. At the same time, especially as the trust grows, there is a case for paying some remuneration. A compromise solution might be to provide in the trust deed that trustees can pay themselves remuneration but with the amount capped. One possibility is to provide that trustees fees should not exceed the greater of $1000 per annum times the number of trustees, or (say) 20% of the trust's income after expenses other than trustees fees. Accountability The starting principle is that, as a public body, the trust should be accountable to its community (the alternative of accountability primarily to the Council could raise questions regarding control and hence the tax status of the trust). This principle is only a general guide. In any particular case, there needs to be a careful assessment of what the accountability requirements should be. There are different kinds of accountability. One common distinction is between retrospective and prospective accountability. Retrospective accountability is accountability which says "this is what we did". A common example is the production of audited financial accounts. These show where the money went, and the assets and liabilities of the organisation, but they are looking backwards rather than forwards. Prospective accountability is accountability which says "this is what we are going to do" and is followed up by reporting which says "this is what we did, compared with what we said we were going to do". Retrospective accountability, in the sense of producing audited financial accounts, is important for any organisation. For community organisations, however, prospective accountability is now seen as essential. If the organisation is acting on behalf of its community, then it should be giving its community an opportunity to state what it believes its priorities should be and how they should be achieved. Within this general approach, the accountability requirements will differ depending on the nature of the activity. In the case of the trust much of its activity will necessarily be confidential - commercial transactions need confidentiality, at least until matters such as contract negotiation have been completed. This means that prospective accountability cannot include consulting the community on the specific commercial transactions the trust might undertake. The privacy of individuals dealing with the trust on housing matters will also need to be protected. What prospective accountability can cover is the trust's business plan, at least in general terms, its intended areas of activity, and the principles it will apply - for example the trust principles on matters such as sustainability. This can then be supplemented by an annual report which does spell out in more detail what the trust has done. The Council will have a direct interest in the trust's performance at least to the extent that the trust receives sections from the Council at below market value. There should be a memorandum of agreement between the council and the trust spelling out each party's roles and responsibilities, including the Council's commitment to make sections available to the trust, and any milestones it will require the trust to meet if its support is to continue. It would be reasonable for the agreement to include a requirement for the trust to prepare the equivalent of a business plan and statement of intent in consultation with the Council, although making it clear that any final decision on their content was a matter for the trust (amongst other things to avoid any suggestion from revenue authorities that the trust was directly or indirectly controlled by the Council). To protect its interest, the Council might also want to take some form of charge over trust assets if the agreement with the trust provided for repayment of part or all of the value of the sections transferred to the trust on the happening of certain defined events. Community land trusts are typically described as locally-based private non-profit organisations created to acquire and hold land for the benefit of the community, and with the specific purpose of making land available for housing that is affordable for households that otherwise would be priced out of the market.  The lower quartile in a range is the point at which 75% of the range is above and 25% is below.  See also the definition on page 2 above.     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