ࡱ> a_XYZ[b` ;hbjbjss (XrHHHd|||Dp LzWd$ VVVVVVV$ Zht\W|W||44WLLL||VLVLLFC||KX k zFTuTJW0zWF6] 6]KKl6]|M\bL WW^zWD$_vUv||||||  The key Is A Community Housing Trust for Taupo: Issues and Options A report prepared for the Taupo District Council by McKinlay Douglas Limited June 2007 Contents Page  TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc169083586" 1. Introduction  PAGEREF _Toc169083586 \h 1  HYPERLINK \l "_Toc169083587" Background to this report  PAGEREF _Toc169083587 \h 1  HYPERLINK \l "_Toc169083588" The first report  PAGEREF _Toc169083588 \h 1  HYPERLINK \l "_Toc169083589" Purpose of this report  PAGEREF _Toc169083589 \h 2  HYPERLINK \l "_Toc169083590" 2. Issues around housing affordability in Taupo  PAGEREF _Toc169083590 \h 3  HYPERLINK \l "_Toc169083591" Housing Market Assessment  PAGEREF _Toc169083591 \h 3  HYPERLINK \l "_Toc169083592" Testing the HMA findings  PAGEREF _Toc169083592 \h 5  HYPERLINK \l "_Toc169083593" Summary  PAGEREF _Toc169083593 \h 7  HYPERLINK \l "_Toc169083594" 3. Affordable housing: implications for recruitment and retention  PAGEREF _Toc169083594 \h 9  HYPERLINK \l "_Toc169083595" Defining the problem  PAGEREF _Toc169083595 \h 9  HYPERLINK \l "_Toc169083596" A starting point for the Council  PAGEREF _Toc169083596 \h 9  HYPERLINK \l "_Toc169083597" Assessment  PAGEREF _Toc169083597 \h 12  HYPERLINK \l "_Toc169083598" 4. Possible Council initiatives including a Community Housing Trust  PAGEREF _Toc169083598 \h 14  HYPERLINK \l "_Toc169083599" Conventional approaches to addressing housing affordability  PAGEREF _Toc169083599 \h 14  HYPERLINK \l "_Toc169083600" Housing affordability information  PAGEREF _Toc169083600 \h 15  HYPERLINK \l "_Toc169083601" Development costs  PAGEREF _Toc169083601 \h 16  HYPERLINK \l "_Toc169083602" A Community Housing Trust for Taupo?  PAGEREF _Toc169083602 \h 17  HYPERLINK \l "_Toc169083603" 5. Trust design and establishment  PAGEREF _Toc169083603 \h 22  HYPERLINK \l "_Toc169083604" Outline  PAGEREF _Toc169083604 \h 22  HYPERLINK \l "_Toc169083605" Establishment of electoral college  PAGEREF _Toc169083605 \h 22  HYPERLINK \l "_Toc169083606" Representation  PAGEREF _Toc169083606 \h 23  HYPERLINK \l "_Toc169083607" Appointment and term  PAGEREF _Toc169083607 \h 23  HYPERLINK \l "_Toc169083608" Selection of initial trustees  PAGEREF _Toc169083608 \h 23  HYPERLINK \l "_Toc169083609" Drafting the trust deed  PAGEREF _Toc169083609 \h 24  HYPERLINK \l "_Toc169083610" Charitable purpose  PAGEREF _Toc169083610 \h 24  HYPERLINK \l "_Toc169083611" Trust management including operational funding  PAGEREF _Toc169083611 \h 25  HYPERLINK \l "_Toc169083612" Accountability  PAGEREF _Toc169083612 \h 26  HYPERLINK \l "_Toc169083613" Audit - Audit Office - consolidation of accounts  PAGEREF _Toc169083613 \h 27  HYPERLINK \l "_Toc169083614" 6. Principles governing the Council/Trust relationship  PAGEREF _Toc169083614 \h 29  HYPERLINK \l "_Toc169083615" No parent/subsidiary relationship  PAGEREF _Toc169083615 \h 29  HYPERLINK \l "_Toc169083616" The trust as action research  PAGEREF _Toc169083616 \h 29  HYPERLINK \l "_Toc169083617" A written contract  PAGEREF _Toc169083617 \h 29  HYPERLINK \l "_Toc169083618" 7. Conclusions and Recommendations  PAGEREF _Toc169083618 \h 31  1. Introduction Background to this report This is the second of two reports which have been prepared for the Taupo District Council ("Taupo"; "the Council") by McKinlay Douglas Limited ("MDL"). The two reports were commissioned as part of the Council's response to the findings from the Housing Market Assessment the Council undertook in 2006. The Assessment found that home ownership, the primary housing choice, is becoming increasingly difficult to achieve in Taupo for low and mid range income earners/households. The Council does not have a role in the provision of social housing (other than a limited role in respect of older persons housing). However it does have an interest in the impact on the local community and economy if housing becomes less affordable. Specifically, the Council has an interest in the implications for the ability of employers to recruit and retain people with the skills required by the local economy but who may be deterred by housing costs. Consistent with that interest, the Council has been considering whether there are options that it would be appropriate for it to consider, to facilitate greater access to affordable housing. The purpose of doing so would be to help minimise any negative impact on the ability of local employers to recruit and retain key staff resulting from housing in Taupo becoming less affordable. The first report The purpose of our first report, Community Land Trusts: A Scoping Report (April 2007), was to scope international experience with interventions intended to improve housing affordability for what is known as the intermediate housing market - housing, a 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. Typically, this is now the situation for Taupo households whose income is at or around the average household income for the district unless they are already homeowners, or have access to substantial deposit funds or other support to assist them with the cost of home purchase. The first report examined a number of different approaches including regulatory interventions, government-backed shared equity mortgages and community land trusts. Community land trusts are a US and UK community-based initiative essentially designed to take land component out of the market and make housing available at the cost of the house only. The report found considerable merit in the general concept of community-based trusts for the facilitation of affordable housing, but recommended against using the community land trust model itself because of its very strong emphasis on removing land from the equation, the effect of which is summarised below. Instead, the report supported a more pragmatic approach of using community assets only to the extent necessary to enable a person to purchase a home. Essentially the difference is: Under a community land trust model, land is normally leased to households at a peppercorn rental so that the household only needs to raise enough money to pay for the cost of the dwelling itself. The effect is to provide assistance equal to the full market value of the land. The more pragmatic approach is to focus on the amount of assistance a household actually requires. In practice this is the difference between the market value of the land and house package on the one hand, and, on the other, a household's available deposit plus the maximum mortgage the household can reasonably be expected to service. The difference will often be less than the value of the land so that the community land trust model, in many cases, provides more assistance than is needed. This approach supports the use of a trust model, but without the emphasis on removing the land component from the market as in a community land trust. In this report we refer to the pragmatic alternative as a community housing trust. From both equity and efficiency perspectives, minimising the amount of assistance in individual cases makes more sense. It spreads public support more widely, and results in more households being assisted. Purpose of this report This report focuses more specifically on the creation of a community housing trust (as compared with s community land trust) for Taupo as a possible response to changes in housing affordability. The report: Revisits and updates issues around housing affordability in Taupo (Part 2). Considers the implications, especially in terms of the recruitment and retention of staff in key sectors(Part 3). Discusses options, including a community housing trust, as possible Council-initiated responses (Part 4). Addresses trust design and establishment (Part 5) . Outlines principles for governing the Council/trust relationship (Part 6). Presents recommendations (Part 7). 2. Issues around housing affordability in Taupo Housing Market Assessment The Housing Market Assessment (HMA) which the Council completed early in 2007 demonstrated clearly that the ratio of average house prices to average household incomes within Taupo has become markedly less favourable in recent years. The conclusion the HMA drew is that, especially for households with incomes at or below the median household income for the district, purchasing housing appropriate to their needs is becoming less and less affordable. Relative affordability as between Taupo, the Waikato region, and nationally is demonstrated in the following table. The index is built up from a combination of average earnings, interest rates and house prices. The higher the index number, the less affordable is housing.  The HMA identified this as a problem especially for Taupo township itself, commenting that: Taupo Township, with the highest housing cost in the district and the high number of employees whose wages are below the national average, is particularly susceptible to the problem of unaffordable housing. This is demonstrated by the snapshot 2005 survey which found 37% of responders have a weekly household take-home income of between $150 and $200. It then turned to the question of what this implied for the recruitment and retention of employees, recognising particularly the disproportionately high levels of employment, as compared with New Zealand as a whole, in relatively low paying sectors such as retail, accommodation, cafes and restaurants. The HMA commented that: Employers should take note that there may be additional pressure on recruiting and retaining employees in the key industries of the district due to employees inability to afford to live in the township. The 2005 survey findings indicate that only 34% of respondents are able to afford a home over $300,000. The Taupo median house price for January to May 2005 was $302,330, compared to $186,400 nationally suggesting that nearly two thirds of the Taupo population is unable to afford an average priced house. Equally, the 2005 survey found that 12% of those wishing to buy with a mortgage could afford a house worth less than $150,000 while almost half (48%) of those wishing to buy with a mortgage could afford a house worth between $150,000 and $300,000. Since that 2005 survey, the median house price has increased further as shown by the following table.  As part of the HMA process, a number of employers, and their employees were interviewed seeking their views on housing affordability in Taupo. The following tables set out employees and employers responses respectively. Employees views on housing affordability in Taupo A problem among others needing attention57Don't believe it is a problem8One of our lesser problems10One of the more serious problems61The most critical problem in town22 Employers views on housing affordability in Taupo Housing"/"affordable housing" an issue for all/parts of staff: Yes16No15 Testing the HMA findings As a first step in considering options, MDL undertook a series of interviews with selected Taupo employers. The purpose of this was to test independently the findings from the HMA on perceptions of affordable housing as an issue in the recruitment and retention of staff, and to dig deeper into employer experience. The range of employers chosen included: both large and small employers, concentrating on the key tourism and hospitality industry sector, particularly hospitality in the form of accommodation and cafes/restaurants public sector employers in health and education professional services and energy sector employers. The second and third sectors were included because of the importance of these two sectors for the local economy. As with the Council's own survey, respondents views of the seriousness of housing affordability as a recruitment and retention issue varied quite widely, but in ways that were consistent with the size and nature of the business. Higher pay sectors Firms in sectors which pay incomes significantly above the district median have not encountered housing affordability as an issue for recruitment and retention. Professional services and energy are examples. Small employers Even if the wage/salary levels of their staff would place them at or below the district median, small employers generally did not see housing affordability as an issue for recruitment and retention - even though they might be aware that housing in Taupo is relatively expensive in relation to incomes. From our discussions, reasons for this include that: unlike larger employers, small employers are not taking a systemic approach to the nature of the local labour market and its drivers for recruitment and retention they are in the labour market as recruiters relatively infrequently. Larger employers Larger employers in both accommodation and the cafe/restaurant trade were much more focused on housing affordability as a current problem and business risk. The manager of one large accommodation business commented that housing is a critical issue for recruiting skilled workers and recruiting from overseas. This business has a number of crucial management level positions which, consistent with the industry itself, are not highly paid. Housing affordability affects positions ranging from food and beverage to finance to the management of the accommodation itself. The manager is very focused on how to deal with the risk to the business and is considering whether it should invest in purchasing houses which could be made available for key staff. The manager of another large employer, in the cafe/restaurant sector, reported similar difficulties for people in key management positions. For both of these businesses, a crucial issue was the ability to recruit and retain people for a period of years. Almost inevitably, this means people for whom home ownership will be a preferred option and one which will influence their decision on accepting a job offer, or remaining in a job once they have taken it up. One problem that both of these businesses identified is the relatively fragmented nature of their industry sectors (people tend to be focused on running their own businesses, rather than on addressing sector-wide issues in the collective good of the sector). This may not be a serious issue for large businesses that can afford to invest in housing for staff, but it is clearly a significant issue for both the accommodation and the cafe/restaurant sectors in Taupo as a whole. Seasonal (temporary) employment The focus of the Housing Market Assessment was on the housing needs of households, typically families with children. The interview process identified another housing need which could also be seen as representing a significant business risk for the hospitality sector and for the Taupo economy. The numbers employed by one cafe/restaurant business, discussed above, range from approximately 65 in the low seasons to 130 in the peak seasons (December/January and June/August). The additional employees required during peak seasons, by definition, are for short-term or temporary jobs, typically around three months to a maximum of five or six. Some of these may be recruited from people living locally (students coming back home for a university or polytechnic vacation; college students during holiday periods; people who may typically shift in or out of employment - a source which is drying up, at least relatively, because of the significant reduction in unemployment). However, the majority are likely to come from outside Taupo. Again, they may be students looking for holiday employment, backpackers, or others for whom several months in Taupo, with paid employment, is an acceptable option provided they can find suitable places to live. The manager of this business commented that meeting the high season requirements for employment was becoming increasingly difficult, especially as virtually every accommodation and cafe/restaurant business would be competing for additional temporary staff at the same time, reflecting the seasonal nature of demand for labour in these sectors within Taupo. Accommodation for employees is obviously only one factor that will affect the numbers of people coming to Taupo for temporary employment. However, employee accommodation is clearly seen by this business as a major risk issue for businesses that depend on seasonal labour. In turn, it will also be a factor in the further growth of the tourism sector in Taupo. In this respect, attracting peak season labour supply to Taupo can be seen as at risk through the impact not just of increasing accommodation costs, but of a very tight labour market. This means that districts such as Taupo that rely on attracting people from outside the district will need to be particularly competitive in what they are able to offer. Public sector employment Housing affordability is also an emerging issue for public sector employers but, as with the private sector, views and experience clearly differ. Health sector MDL arranged through the Taupo PHO for a small sample survey of health sector employers, designed to test whether housing affordability was an issue in recruitment and retention. Respondents were asked to rank the seriousness of housing affordability as an issue for them in recruitment and retention of staff. Ranking was on a scale from one = very serious to 5 = irrelevant. Five responses were received. One rated housing affordability as irrelevant, another as not really a problem and three as serious. Education sector Education is another sector which may be encountering increased difficulty. The principal of one large school observed that housing affordability was not yet a crucial recruitment and retention issue. However, he effectively qualified this by making a number of points: Whether affordability was a problem for any particular teacher depended in part on where the teacher was recruited from. A new recruit from Auckland, who owned a house there which would be sold in order to purchase in Taupo, was unlikely to have any difficulty. Younger teachers, who have not previously been homeowners, do seem to be facing increased difficulty. If they are to purchase, it will almost certainly be with parental assistance, or because they are part of a two income household. In the past five years or so, all female teachers who have gone on maternity leave have returned to teaching at the end of the leave period. As far as he could judge, the main reason for this was the need for a second income, typically to deal with housing costs. Summary While the scope of MDLs interviewing was limited, the anecdotal evidence provides important insights into the relationship between employment and housing affordability. MDL's overall assessment from the interview process is that housing affordability is clearly having a growing impact on the ability of the businesses in Taupo to recruit and retain staff whose incomes are at or around the district median. However, it is also clear that employer perceptions - and for that matter experience vary widely depending on factors such as the sector in which they are engaged (and thus the average income levels their employees receive), and the scale of the business. Small businesses are typically focused not on the systemic issues influencing the local labour market, so much as on getting a particular person at a particular time. Another factor influencing people's perceptions is clearly the extent to which individuals and households have adopted various coping mechanisms to deal with the increased unaffordability of housing. 3. Affordable housing: implications for recruitment and retention  Defining the problem There is a considerable difference between Taupo and Queenstown, New Zealand's other principal tourism destination where housing affordability has been identified as a crucial issue. In Queenstown, the relationship between housing affordability and recruitment/retention is now quite unequivocal. It is, however, very much a consequence of the fact that the average house price in the Queenstown/Lakes district now exceeds $500,000. From this perspective, the fact that Queenstown has identified the affordability issue, and taken initiatives to deal with it, can be seen as the response to a fully fledged crisis which had developed over some years. In Taupo, the issue could be seen more as a gradually evolving situation which has yet to reach crisis point. The issue for the Council in considering whether there are options it could properly adopt to address the affordability issue is whether it should wait until a crisis situation has unequivocally developed, and the local economy has a crisis of recruitment and retention (which seems likely but which may not happen), or whether it acts now in the expectation that otherwise the situation will only continue to worsen. In respect of people whose preference is homeownership, the Housing Market Assessment, and the work undertaken by MDL, show a broad distribution of concerns from "not really a problem" to a serious business risk which needs to be managed if the business is to attract and retain the skilled staff it requires. By definition, this is a focus on relatively skilled staff in permanent positions. As covered in Part 2 above, MDL's interview work also however highlighted the relationship between accommodation and the district's temporary workforce requirements. This is an issue which is outside both the immediate focus of the Housing Market Assessment, and of the Council's response so far, both of which have been about the circumstances of people seeking homeownership. However, addressing accommodation for the temporary workforce is consistent with the underlying rationale of the Council's interest in the implications of housing affordability for recruitment and retention of staff, and thus for the district economy. A starting point for the Council Although there is no data currently available equivalent for Taupo's temporary workforce to the information in the Housing Market Assessment about the relationship between household incomes on the one hand and either rental or purchase costs, anecdotal evidence suggests that employee accommodation is a significant issue in the recruitment of temporary staff although it may be more an issue of absolute supply rather than one of cost. The Council has indicated a willingness to contribute to resolving the problem of housing affordability if it is indeed a risk for the local economy as a whole, rather than a risk for individual businesses. A reasonable starting point for the Council is to assume that, if individual businesses are having difficulty in recruiting or retaining staff, then that is a problem for those businesses themselves to resolve. However, the Council does also have a role in considering whether the problem is essentially one for individual businesses, or whether it is a generic issue which is largely independent of the way individual businesses are managed, or how they respond to recruitment and retention difficulties. Evidence from the hospitality sector There is considerable evidence that both the accommodation and cafe/restaurant sectors are facing significant shortages particularly of skilled staff and that this problem is common across the country. The following examples illustrate both the generic issue (the Hotel Council) and the impact in one specific occupation. In March 2007 the New Zealand Hotel Council launched its own recruitment website in response to "a chronic shortage of staff in the hotel and hospitality sector". Skill Shortages in the Food & Beverage Sector, a draft working paper prepared by the Department of Labour in May 2006, observed that the chef workforce has been assessed as experiencing a genuine skill shortage with the growth of demand for chefs exceeding the growth in supply. The working paper went on to state: Attention also needs to be paid to the demand side to improve the attractiveness of employment. This will be challenging as many chefs are employed by small enterprises which operate in a highly competitive environment and often lack the resources to invest in their staff and to create conditions in which staff can develop their skills. Furthermore, government has limited channels of influence with these enterprises that are not well organised under an influential sectoral association. To the extent that restaurants can be influenced, government needs to work with the industry to improve wages, working conditions and create career paths. A better understanding of the causes and costs of turnover needs to be developed. The value of retaining existing staff compared with the cost of recruiting and retraining new staff needs to be communicated to employers. Employers need to gain an understanding of the factors that can contribute to improved staff retention. In 2002, as part of the process of preparing an economic development strategy for Taupo, APR Consultants undertook research on the state of the local economy. In respect of tourism the research resulted in the conclusion that the accommodation, caf and restaurant sector is 2.64 times more important for the Taupo economy than for the national economy." This provides a strong argument for the Council taking a particular interest in the health of tourism-related sectors. While it is clear that some of Taupo's tourism related businesses have the scale and capital base which would enable them to "internalise" issues of housing affordability/provision for key staff, these businesses are in a minority. The reference in the Department of Labour paper to small enterprises which operate in a highly competitive environment and often lack the resources to invest in their staff" will apply not only to the cafe/ restaurant sector, but also to the accommodation sector. Both are characterised by businesses in which the operator is often a lessee rather than a premises owner who may be relatively undercapitalised. Both are also sectors which are regarded as "easy entry" because of the relatively low capital requirements for obtaining a foothold. As noted, Taupo is not Queenstown. Recruitment and retention of staff for Taupo businesses does not yet face an unequivocal crisis of housing affordability. However, there is clear evidence that housing affordability has become a serious problem for at least a proportion of Taupo businesses, and for some important public sector funded activity, including some health providers. In MDL's view, there is certainly sufficient evidence to justify the Council looking seriously at options that could mitigate the problem of housing affordability for those sectors for which it appears to be currently or on the verge of becoming a serious barrier to recruitment and retention. Not all sectors are in this situation. For some, such as energy and professional services where salaries are significantly higher than the district median, housing affordability is not an issue, at least in terms of recruitment and retention. Evidence from the education sector Education may pose a particular challenge. At least in funding terms, there is a single party responsible for the terms and conditions of employment of staff in both public and integrated schools. If there are particular problems of recruitment and retention, because of the relationship between housing costs and salaries, then it does look very like an issue for which central government as funder should take responsibility (perhaps as the UK government has done in respect of teachers, amongst others, through its key worker scheme). However, in the current New Zealand context, that appears an unlikely outcome. Incomes for teachers, at least on the base scale, in a range which suggests that housing affordability is a real issue for teachers based in Taupo unless they are already homeowners, are in a two income household, have previously owned a home and so have equity from that to apply to the Taupo purchase, or have substantial assistance from family members. As an example, a qualified teacher with a bachelors degree will start on a salary of $39,425 as a new entrant to teaching, and over seven annual steps, subject to satisfactory performance, rise to a salary of $58,327. If that is the sole or principal income of the teacher's household, then the purchase of appropriate housing will present very real difficulties. Evidence on temporary workers The issue for temporary workers is somewhat different. If they are already living in Taupo, then accommodation is unlikely to be a recruitment and retention problem simply because of the short-term nature of the jobs. However, to the extent that employers seek to recruit people from outside Taupo clearly accommodation is an issue. It may be as much a matter of the supply of suitable accommodation as a matter of cost. As a significant holiday destination, Taupo has higher than normal proportion of second homes. Whilst these are often vacant, they are unlikely to provide a solution to the peak season accommodation needs of temporary workers for at least two reasons. The first is that the peak seasons are the times when the owners themselves are likeliest to want to use them. The second is that, if the owner decides to let rather than occupy a property at peak season, the owner will be looking for a premium rental. The absence of data on the supply and demand for accommodation for temporary workers makes it difficult to be certain about either the extent or the nature of the problem. Instead, it is necessary to rely on anecdotal evidence including expressions of concern by substantial employers of temporary staff who clearly believe that it is becoming much more difficult to attract sufficient additional staff at peak season, and that accommodation is one important factor simply because so many peak season staff live outside Taupo. MDL was told of one example of purpose-built accommodation being provided for temporary workers. This was a purpose-built hostel in National Park which was described as the equivalent of an upmarket backpackers' hostel. It was attractively designed and provided single rooms but with communal facilities. It made sense from an investment perspective as the owner was able to achieve a high rate of year-round occupancy because of the nature of the labour force demands in the national park area. Such an investment is less likely to be made in Taupo purely on a market basis because of the high level of seasonality in the temporary labour market. Options for encouraging investment in an equivalent facility include: Significant employers of temporary labour contracting for a minimum number of beds on a year-round basis and themselves taking the risk on occupancy in off-peak periods. Employers of temporary labour agreeing to underwrite a portion of the return on investment in return for a right to access a given number of bids over peak periods. The council itself levying a targeted rate on sectors with a high demand for temporary labour and using that rate to underwrite the operation of such a facility (targeted rates of this type are normally put in place only after a poll of the affected ratepayers). An initiative of this type could be seen simply as a service to employers of temporary labour. MDL has speculated that it could be positioned in a somewhat alternative way, as part of the marketing of Taupo. A possible concept is the "Taupo work experience" with guaranteed accommodation and employment and, as an additional incentive, preferred/discounted access to a range of tourism experiences. Obviously that concept would need to be thoroughly assessed before adopting it. Assessment One of the difficulties confronting the Council is that there are clearly a number of different coping mechanisms which people have been applying as an immediate response to dealing with housing affordability. They include steps such as a woman returning to work after childbirth, rather than opting for full-time motherhood, people accepting various forms of flatting or other shared accommodation, and drawing on family support. The extent to which these are used is unclear, but the implication is that the full extent of the impact of housing affordability is almost certainly being disguised, at least as long as these coping strategies are feasible and seen as acceptable. Overall, the implications both from the Housing Market Assessment and from the separate work undertaken by MDL are that there is an emerging problem of housing unaffordability which is more than just an issue for individual employers. It has in fact the potential to undermine the recruitment and retention of essential staff for major sectors within the Taupo economy. Currently those most obviously at risk are the accommodation and cafe/restaurant sectors. However, it is likely that at least some public services sectors will also be affected. Education is an example. The impact may be somewhat slower to become evident in these sectors, partly because of the age structure, linked with employment of the teaching force (older teachers who have been in the workforce for some time are much less likely to face a problem of housing affordability, as they are probably well-established as homeowners). From this it follows that there is a case for the council to consider what initiatives it can take to mitigate the problem of housing unaffordability. There are three possible initiatives which MDL would suggest the Council look at. They are: Housing affordability information Development costs Support for an affordability initiative - a Community Housing Trust for Taupo? These initiatives are discussed in the next section. 4. Possible Council initiatives including a community Housing trust In this section of the report, we discuss the three suggested initiatives we have identified which the Council could consider as a response to the growing problem of unaffordable housing. First, we outline conventional approaches to addressing housing affordability, concluding that these are not likely to be ones the Council would pursue. Conventional approaches to addressing housing affordability It is usual to define housing affordability in terms of the proportion of a household's income which is committed to housing costs. A common measure is that a household should not spend more than 30% of its gross income on servicing a mortgage or mortgages. The Auckland Regional Housing Affordability study refined this measure in respect of households in the bottom 40% of household incomes recognising that these households would have proportionately a lesser servicing capability than better off households. It defines affordability for this grouping as household costs (mortgage servicing, insurance, rates, essential maintenance) not exceeding 30% of gross household income. This sets the context for the conventional approaches to addressing housing affordability. Internationally, and increasingly within New Zealand, these have focused on one or a combination of two types of initiative: Reducing the cost of debt servicing to acquire a house of a given cost. Traditionally in New Zealand this was done through state subsidised interest rates. The accommodation benefit administered by Work and Income is the closest modern alternative. It funds a portion of household costs above 30% of income. Currently, the main focus within this type of initiative is the development by central government through the Housing New Zealand Corporation of a shared equity mortgage. Under this arrangement qualifying households can obtain what amounts to a second mortgage of (usually) 20%-25% of the cost of property. No payments are required during the term of ownership but, when the property is sold, the original principal is repaid together with a pro-rata share of any capital gain. Reducing the cost of the house itself. Initiatives of this type normally work through zoning requirements which impose on land developers an obligation to set aside a proportion of each development for the construction of affordable housing. This may be sold into the market at a discounted price, possibly with a clawback arrangement when the original purchaser sells the property. The land may be transferred to a not-for-profit housing provider (for example, in England, a housing association) to reduce the cost of rental housing. For the purposes of this report, MDL assumes that the Council will not seek to intervene in the mortgage market itself, leaving that to central government. We also assume that, at least for the moment, planning interventions are relatively unlikely (problems include the time involved in changing the district plan, and the uncertainty about the long-term impact of measures of this kind on housing provision). Instead, we assume that the Council will focus on measures which it can relatively easily take in terms of its day-to-day administration, coupled with the provision of some "kickstart" support for a community-based initiative to create more affordable housing (support which may be extended if the initiative proves to be successful). We discuss three potential initiatives: Housing affordability information Development costs Support for an affordability initiative - a Community Housing Trust for Taupo? Housing affordability information There are three areas in which information currently available to the Council is less than ideal as a basis for improving the Council's (and others') understanding of housing affordability. They are the actual experience of recent recruits to Taupo as compared with the expected experience, what is actually happening with temporary work force requirements, and the availability of land suitable for affordable housing. Actual v expected experience of recent recruits The Housing Market Assessment reported survey results provided an overview of the housing circumstances of the community as a whole, and employer and employee attitudes towards housing affordability. It would be useful to complement these findings with a focus specifically on people who have moved to Taupo within the past (say) three years. The purpose of the survey would be to establish: Their occupation and the sector of the economy in which they work. The expectations they had when they came to Taupo about housing options and the probability and cost of purchasing a suitable home. Their actual experience and how it differed from their expectations. The likelihood that their housing experience will result in them leaving Taupo. This should provide a much sounder basis from which to assess the risk to recruitment and retention of changes in housing affordability. The temporary workforce The next information gap concerns the temporary workforce. There appears to be no substantive data on how the size of the temporary workforce varies over time, or of any gaps between supply and demand. One option, as a means of assessing the gap between supply and demand, would be for employers in sectors that are high users of temporary labour (predominantly the accommodation, cafe and restaurant sectors) to be asked to complete a survey identifying, month by month over a recent 12 month period, the actual number of their employees in the temporary work category (hired for a period of six months or less), and the total number of positions. The survey should also identify the number of those employees who were Taupo residents and the number who normally lived outside Taupo and thus had to find accommodation in order to take a job in Taupo. This would allow a more accurate assessment of the extent of any accommodation problem for temporary workers. Ideally, the employer survey would be complemented by a survey of current temporary staff designed to establish how they met their accommodation needs, and the suitability of the arrangements they have made both in terms of cost and acceptability. Development costs It is currently fashionable to blame councils and council-related development costs, including development contributions, fees and charges, conditions, and time taken to grant consents as all contributing to the increased cost of housing. In practice, most housing for what our report terms the intermediate housing market will not be new but existing housing, largely because existing housing tends to be cheaper than new housing. Nonetheless, the cost of new housing eventually influences the market price of existing housing. Any avoidable costs pushing up the cost of new housing should themselves be addressed as part of an overall affordability strategy. We leave the issue of development contributions to one side. That is clearly receiving increased attention as a result of the recent high court decision on North Shore City's development contribution policy. An area of cost which is sometimes less visible is the time taken to grant consents. In property development time is money. Any unnecessary delays incur additional holding costs which the developer will, if it can, seek to recover from the purchaser. The result is an upward pressure on prices. Most councils will argue that they are relatively efficient and delays are normally the consequence of unanticipated or unavoidable factors, or may be an applicant's fault through a failure to supply all the information required. The reality is that, although there may be fault on the applicant's side, there is also room for improvement on the part of councils. Most importantly, council officers without commercial experience may not fully understand the importance of the opportunity cost of time. In council consent processes, minimising the time to produce a consent should be an absolute priority subject only to the condition that the Council not compromise its proper role. In practice, it is hard to implement a cultural shift of this kind (or reinforce it if it is already there) without the oversight of people with relevant commercial experience. An option for a council such as Taupo is the appointment of an advisory board to oversee the operations of its regulatory functions associated with property development, with a mandate to suggest system changes and other measures to minimise processing time. As an advisory board, its recommendations would simply be recommendations. However, provided that the people appointed to it understood the nature of the role (to be a support for the council, rather than a critic of its performance), any recommendations it made should have a good prospect of acceptance. This suggestion is highly unlikely to have a dramatic effect on the affordability of housing in Taupo, although it would be surprising if it did not result in some reduction of cost pressure. It is much more likely to help set the context for a closer working relationship between the Council and the property development and housing sector. A Community Housing Trust for Taupo? The critical assumption on which this, and our first report, are both based is that the Council wishes to "kickstart" an initiative to facilitate access to affordable housing by making available a number of sections at no cost. For the reasons discussed in the first report, the Council's preferred option is to transfer sections to a community-based trust with a mandate to use the sections as a means of enabling the development of affordable housing. The community trust option is preferred to an in-house business unit, or a council controlled organisation, for reasons including: The nature of the expertise required. The desirability of operating within a commercially-driven but community-accountable structure. The drawbacks of the council controlled organisation structure including the fact that, even if a CCO is established as a charitable trust for genuinely charitable purposes, it will not have charitable tax status for tax purposes. Part 5 below deals with trust design and establishment. This section considers how the trust might operate and, in particular, what it could do to add value to any Council endowment. As identified in the first report, it is likely that the number of households unable to achieve home ownership without the type of assistance which the trust is expected to make available will significantly exceed the number which the trust can reasonably expect to assist. This makes it essential that the trust have clear, transparent and well understood criteria and processes for determining which households should have priority. We discuss: Which sectors and households might be eligible What kind of assistance might be offered What leverage might be available to the trust. Eligible sectors The starting point, given the rationale for the Council's initiative, is the objective of mitigating the impact of housing affordability on staff recruitment and retention in key sectors of the local economy. This will require some means of identifying which sectors should be included. Our report has focused on the accommodation and cafe/restaurant sectors. It has also suggested the possibility that service providers in health and education may have, or be heading towards, similar problems. One possible criterion is the extent to which sectors are prepared to help themselves. This will need to be handled with care. It is likely from what is known about the accommodation and cafe/restaurant sectors that the businesses most at risk will be those least able to afford some form of voluntary contribution towards the cost of employee housing. If voluntary contributions were to be a criterion for providing sector assistance, it would be hard to use that criterion without giving priority to those businesses which were the actual contributors. This risks the assistance going towards organisations which are best placed, in the absence of any assistance, to meet their own needs. To put it another way, such an approach could result in Council assistance effectively substituting for investment that selected employers might, in any event, be prepared to make. The trust, once established, might still consider partnering with one or more large employers as an appropriate strategy. If it did, it should ensure that the outcome was a greater provision of affordable housing for employees in the sector as a whole, and not just those working for one or two selected employers. An approach that could overcome the difficulty with voluntary contributions is the use of a targeted rate across a given sector as a whole. The funds raised by that rate could then be set aside towards the cost of providing affordable housing for employees in that sector, with allocation to take place in accordance with criteria that were not linked to individual employers. This suggestion assumes that accommodation and cafe/restaurant businesses in Taupo, even when they are lessees, actually end up paying the rates themselves. If there is not a specific contribution nexus, such as a targeted rate, then the trust itself should determine which sectors are eligible based on criteria such as: average incomes for key positions (middle management, people with specialist skills and qualifications) relative to average incomes in Taupo staff turnover known sector difficulties with recruitment and retention the importance of the sector to the Taupo economy. Applicant eligibility The Community Housing Trust being established by the Queenstown Lakes District Council has developed a set of detailed criteria for eligibility. The principal elements are that an applicant household must have at least one member who: Is and will remain a New Zealand resident or citizen. Is a first-time homebuyer in the district. Has been employed for 12 months or more and remains employed on a full-time basis in the district (30 hours or more per week) with a registered employer (a registered employer is someone who has made a contribution to the Community Housing Trust and certifies that its employees are "locally employed"). Other criteria include: demonstrated inability to purchase without assistance sufficient funds to pay the required deposit no ownership of other property meeting the income criteria for the scheme which is household income within a range of 70%-120% of area household median income. If the household member in employment ceases to work for a registered employer the trust may trigger a process for repayment of its investment. It may also do this if household income, after three years, exceeds a defined ceiling, and mortgage repayments fall below a defined proportion of household income (in practice it looks relatively unlikely that this would happen at least for some years in any particular case). Queenstown does not yet have any ranking criteria to allow for the possibility that eligible applicants will exceed the trust's capacity. This may be a function of the fact that only people who work for a "registered employer" may apply. The Taupo equivalents will almost certainly be people working in a defined sector or sectors. This approach can be expected to result in a higher number of applicants and thus the need for some means of selection. This could be by ballot (there is a precedent in the Council's recent subdivision targeted for low-cost sections which was allocated by ballot). Other possibilities include rules agreed by sector employers themselves. The precise determination of allocation rules is a matter for the trust once established. The emphasis in Queenstown on "registered employer" reflects the fact that its Community Housing Trust is, in practice, being endowed by specific developers and other entities. The Taupo equivalent would be employers in a sector that had an arrangement to support the trust (the suggested targeted rate for example). The other criteria outlined above are worth consideration. There is some merit in consistency in initiatives of this type, unless local conditions effectively demand otherwise (it is possible that some Taupo employers might want to extend the resident or citizen criteria to holders of a work visa). Assistance The expectation, if the trust proposal proceeds, is that because the trust will be endowed with a number of sections by the Council, assistance will take the form of the opportunity to purchase a housing unit developed by the trust at a discount (including, of course, the land on which the unit is built). In practice, it will make sense for the discount itself to take the form of a shared equity mortgage. The immediate effect for the applicant is the same as if the property were purchased at a discount. The longer-term effect is that, because the shared equity mortgage is repaid on sale (together with a pro rata share of any capital gain), the discount is recycled back to the trust, along with a share of capital gain, to assist other households. Our first report argued that the amount of assistance provided to facilitate purchase should be the minimum needed by the applicant. In practice this minimum would be arrived at as the purchase price minus (applicant deposit plus the maximum mortgage the applicant could service). The trust might decide that it should also impose a maximum for the amount of assistance. Logically, this would be the value of the land as the trust has received this at no cost but has had to pay the costs of building the housing unit. The actual mechanism for providing assistance would be as follows, and is something of a "round-robin" of payments: The trust and the applicant agree on the market price of the housing unit. This then becomes the price the applicant agrees to pay. The applicant raises the purchase price through a combination of the applicant's deposit, the maximum first mortgage the applicant can afford to service, and a shared-equity mortgage from the trust for the balance. The trust receives the full purchase price from the applicant. It uses that first to pay off the cost of building the housing unit, secondly to fund the shared equity mortgage advance to the applicant and, thirdly, to the extent that there is any surplus, for other trust projects. Leverage The Council should be expecting the trustees of the trust to use their commercial skills to maximise the leverage available to the trust for developing affordable housing. This means doing whatever it can to ensure that, as well as developing housing units on the sections transferred to it by the Council, it develops other sources of funding to assist in the acquisition and/or development of further affordable housing. Possibilities (which should be seen as examples, rather than as exhaustive of all possible options) include: Negotiating with employment sectors, for which housing affordability is an issue, an appropriate means of obtaining a sector contribution to the development of affordable housing. A preferred option, already discussed, is the use of a targeted rate. This will not be appropriate for all sectors. As an example, schools are exempt from rates and so would find it difficult to agree to a targeted rate. The alternative would need to be agreement to defined voluntary contributions. Applying the surplus resulting from the use of the minimum assistance rule towards the development of further affordable housing (recall that, for each housing unit the trust sells, it will receive back the full price of the land but advance to the applicant, as a shared equity mortgage advance, only the amount the applicant requires after paying the available deposit, and raising the maximum mortgage the applicant can be expected to serve). Using the shared equity mortgages themselves as a security to support further borrowing. They are secured financial instruments albeit with a somewhat unusual cash flow. Each individual mortgage will, ultimately, result in repayment of the original advance together with a pro-rata share of the expected capital gain. They may not appeal to many investors as a security but there is a possibility that at least some would be prepared to accept them. One possibility is entities such as the former trust bank community trusts (the trust which serves Taupo is the Bay of Plenty Community Trust). The trustees could put to that trust the proposition that it advance the trust money on the same terms as the trust has lent money to individual grant applicants, that is, with no requirement for payment of interest, but for repayment of principal and a pro rata share of capital gain once an individual property is sold. As it is not possible to forecast future property prices, the trust return would be somewhat uncertain. However it might be prepared to consider such an investment on the argument that what it is really doing is contributing the difference between the ultimate return, and its normal expected return, to enable the creation of affordable housing. This option in particular has the potential to generate very considerable leverage, at least so long as there are entities prepared to lend against this type of security in the recognition they are helping develop affordable housing. Assuming a continued appetite, even with a risk margin on the amount that a lender would provide, the potential to generate substantial additional resources is very real. Assume a 20% margin for risk, and an initial parcel of shared equity mortgages with a face value of $1 million. That would provide $800,000 for the purchase of additional sections, in turn generating shared equity securities of an equivalent value. That becomes security for a further $640,000 of borrowing, and so on. This scenario is probably somewhat optimistic, but it does illustrate the theoretical potential assuming that the lenders are prepared to make what should turn out to be a relatively modest commitment to housing affordability. More generally, the trust should seek to use its status as an incorporated charitable trust to seek other sources of funding. Some care will be needed in how it does this, and how the funds are applied, because the provision of assistance to individual households in the way contemplated by this report is almost certainly not charitable. That in itself should not be a source of difficulty. The trust activity in generating affordable housing will be an obligation it incurs as part of the arrangement between itself and the Council for the transfer of sections at no consideration. As such, it can be seen as part of the "business" of the trust, and not part of its charitable activities. The trust will, over time, need to develop a separate strategy for the creation of a surplus which can from time to time be distributed for what are genuinely charitable purposes (but which could nonetheless be housing related). This concludes our outline of how the trust itself may operate and, in particular, how a trust could add value to the Council's original investment. In the next section we address trust design and establishment. 5. Trust design and establishment Outline The Appendix to our first report set out a basic outline for the design of the proposed trust. The key points it made included that: The trust should be formed as an incorporated charitable trust. The trust should have a full set of commercial powers. Trustees should be appointed, not elected. Trustee appointment should be managed through an electoral college process. Appointment should be on the basis that trustees are "fit for purpose"; that is they have the skills and experience to govern what is potentially a significant commercial operation, coupled with empathy for the purpose of improving housing affordability. Trustees should be appointed for a three year term and be eligible for appointment for a maximum of two further terms. Trustee appointments should be rotated so that approximately one third of positions fall vacant each year. In order to start the rotation process, one third of trustee should retire at the end of one year and a further third at the end of two years with those to retire being selected by lot (and with retiring trustees eligible for reappointment). Trustee accountability should be to the community. Accountability should be based on the publication of a business plan prior to the beginning of each financial year detailing its proposed policies and activities (subject to the constraint of commercial confidentiality), and reporting against that business plan through an annual report and audited financial accounts. The focus of this section of our report is on specific matters that will need to be decided in order for the trust to be established and commence operations. They are: Establishment of the electoral college Selection of initial trustees Drafting trust deed Charitable purpose Trust management including operational funding. Accountability Audit-audit office-consolidation of trust accounts. Establishment of electoral college The first report recommended that trustees be appointed by an electoral college. It suggested that the electoral college could comprise 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. The primary purpose of the electoral college is to manage the process for the appointment of trustees. This requires an electoral college with the skills and background to manage a process of selecting trustees who will be "fit for purpose" for governing an organisation which requires both strong commercial skills, and a keen appreciation of issues affecting affordable housing. Representation The focus of the trust on the housing needs of defined employment sectors within the Taupo economy suggests that appointments to the electoral college should include representatives of sectors expected to benefit from the trust's activity (and contribute to its funding). MDL would suggest the following arrangements: One representative from each of the sectors expected to benefit, in each case appointed by a sector organisation. In the absence of such an organisation for any one sector, or an unwillingness or failure to appoint, there should be a default option. One possibility is the Taupo Chamber of Commerce as representative of the business community. The rules in the trust deed should enable the trust, by resolution, to add to the membership of the electoral college as (if) an additional sector is added to those whose employees are eligible for assistance. In addition to sector representatives, MDL would recommend one representative each from the Chamber of Commerce, the Lake Taupo Development Company (or other entity from time to time recognised as the Taupo district's economic development agency), the Tuwharetoa Trust Board, the Council, and an appropriate grouping representative of the voluntary and community sector and possibly the Property Council. Appointment and term The electoral college will be responsible for appointing the initial trustees and then, each year, replacing retiring trustees. It will also be responsible for filling any casual vacancies as a consequence of the retirement, death or disqualification of any trustee. It would make sense for the electoral college to have power, in filling any casual vacancy, either to revisit the list of people who put themselves forward in the last appointment round, or if the vacancy arose within (say) six months of the next appointment round, to decide not to fill the casual vacancy but wait until that next round. Members of the electoral college themselves should serve for a fixed term or terms. As with the trustees, there is merit in rotating replacements in order to avoid the potentially destabilising impact of an entirely new electoral college, lacking in institutional memory. Given that each member of the local college will be appointed by a different organisation, the most straightforward way of providing for membership rotation is for the trust deed itself to provide that appointments by approximately one third of the main organisations are for a 12 month term, but with a right to reappoint for an additional two three-year terms, appointments by a further third be for an initial two-year term and for the remaining organisations an initial three-year term. Selection of initial trustees There are two options. The first is to select initial trustees in advance of drafting the trust deed so that their expertise can be drawn on in ensuring that the trust deed itself is drafted in a way which best supports the trust's effective operation. If this option were followed, it would still be appropriate to bring together the people likely to form the electoral college and follow the process of appointment outlined in the appendix to the first report. The second and more usual option is to complete the drafting of the trust deed and then go through the appointment process. As with the first option, this would require selecting the members of the electoral college so that they could manage the appointment process. Under either option, the Council should make clear the nature of the contractual relationship it expects to have with the trust. This will include spelling out the key provisions to be included in the proposed agreement between the Council and the trust. The basic reasoning is that trustees should be appointed in a "no surprises" environment so that they have a clear understanding both of what is expected of them, and of the contexts in which they will be operating. MDL places a strong emphasis on this issue as we have seen what happens when trustees are appointed to trust under one set of expectations and then find out what the real agenda actually is. On balance, we favour the second option as, provided the trust deed is drawn in accordance with the principles outlined in this and our first report, it is unlikely that prospective trustees would have any substantive concerns. Indeed, their focus is almost certainly going to be on the terms of the proposed contract with the Council, something which would be negotiated under either option after trustees had been appointed, but within the framework already spelt out by the Council. Drafting the trust deed The most important issue, in drafting the trust deed, is to ensure that the draftsperson has a clear brief on what is required. The Appendix to the first report, and this section of our present report, together effectively provide that brief. The main additional information required will be the names of the organisations to be responsible for appointing the members of the electoral college. Before the brief is given to the draftsperson, those organisations should be asked to confirm that they will appoint electoral college members. Charitable purpose Our first report proposed that the charitable purpose should be broadly defined, and noted that its wording would need to be agreed with the Charities Commission and the Inland Revenue Department to ensure that the trust qualified as charitable. There are four so-called heads of charity. They are the relief of poverty, the advancement of education, the advancement of religion and any other purpose beneficial to the public (it is common practice for the Inland Revenue Department to require case-law precedent before accepting a purpose within this last category). Given the trust's emphasis on affordable housing, it would be appropriate that the charitable purpose was expressed in terms of improving access to affordable housing for people normally resident within the Taupo district. It is important to draw a distinction between the trust's charitable purpose, and its normal business activities. The trust's major activity will be that of using resources made available to it by the Council and others to acquire or develop housing to be sold to qualifying applicants at market value, but with the difference between what the applicant can afford, and the market value of the property, provided by the trust as a shared equity mortgage. This should not be seen as a charitable activity and nor would it be regarded as such from a legal perspective. Charitable purposes must benefit the public at large. Selling houses on favourable terms to individual households, although itself a desirable objective, does not fit the definition of charitable purpose. This should in no way detract from the status of the trust as a charitable trust. A useful parallel is with the Sanitarium Health Food company which is actually a charitable trust supporting the activities of the Seventh-Day Adventist church. It carries on business as a manufacturer of processed foods, but then applies the surplus from that activity to its charitable purpose. In a similar way, the Community Housing Trust will carry on the business of providing affordable housing, but on the basis that any surplus earned from that activity should ultimately be used for its separate charitable purpose. There will be an expectation on the part of the Charities Commission and the Inland Revenue Department that, from time to time, at least part of the trust's surplus (if any) will be used in that way and the trust should develop policies to ensure that this is the case. This is a matter that should be considered as part of the drafting of the trust deed, and in the discussions that will take place with the Inland Revenue Department and the Charities Commission. Trust management including operational funding The expectation is that the trust will be undertaking quite substantial activity including: Developing housing units on sections made available to it by the council. Completing its policies and procedures for eligibility and allocation of housing units. Managing the sale of trust properties to eligible households. Negotiating additional funding arrangements including possible sector based targeted rates, and borrowing from third parties against financial instruments held by the trust (shared equity mortgages). To the extent that additional funding is obtained, acquiring additional property and undertaking further development. The role of the trustees is to provide governance and oversight for the trust, not to undertake the day-to-day management of its activities. This will require a competent manager, with relevant experience in property development and finance, as well as a good policy capability (for example, to support the development of trust policies and procedures on eligibility and allocation) and an understanding of what is required in servicing a governance board. One of the first tasks for the trustees themselves, once appointed, will be to recruit someone to act as manager. This will include scoping the positions responsibilities (including whether the position needs to be full or part-time), and the personal and other characteristics required for prospective appointees. The obvious source of funding, both for recruitment of a manager, and for trust overheads other than those which can be recovered as part of the sale price of trust properties, is the sections made available to the trust by the council. MDL would suggest this be done by the Council and the trust first agreeing the market value of the sections to be transferred, and the Council then transferring the sections at market value less a discount to cover the first year's operating costs. Those costs should be derived from the trust's draft budget for its first 12 months of operation. (This will need to be developed by trustees before a manager is appointed for the simple reason that, until all there is agreement on what will be available for the first year's operating costs, it would be unwise for the trust to appoint a manager.) The Council might also need to provide a bridging loan to the trust until sufficient sections have been sold to give the trust the working capital it will need. The first 12 months of operation should give the trustees a clear indication of what the trust's long-term operational funding requirements will be. They should have gained a better understanding of the extent to which it is reasonable to expect to recover operating costs as part of the sale price for trust properties (the sale price for trust properties should be based on a market valuation). There may be scope for quite significant cost recovery as, given the nature of the trust operations, sales may take place direct from the trust to qualifying households without the intervention of a real estate agent. It is possible, also, that the trust will develop additional income streams, either from the initiatives outlined in this report, or from other initiatives which the trustees themselves, and their manager, develop. Despite these possibilities, both the Council and the trust should expect that funding operational expenses through a discount on sections purchased from the Council may need to persist for several years although hopefully at a declining rate. Accountability The trust is going to face two types of accountability. The first will be to the Council, or other funders, in terms of the contractual arrangements the trust has with them. This accountability will be spelled out in those contractual arrangements and should be seen as something entirely different from the trust's accountability to the community. (To the extent that there is an accountability issue in terms of Council funding of the trust itself, that is an issue for the Council to discharge, not for the trust.) The second accountability is from the trust to the Taupo community. The trust deed itself will provide the framework for this. It should include: Preparation and publication of a business plan setting out the trust's proposed activities for the next 12 months (subject to any constraints resulting from commercial confidentiality) and including the objectives which those activities are intended to achieve. The business plan should also set out the trust's policies and procedures governing eligibility for and allocation of trust assistance. Preparation and publication of an annual report and audited accounts to include reporting on the years outcomes against the expectations in the business plan. Once the trust is in a position to use part or all of any surplus for its proposed charitable purpose, trustees should prepare and publish their proposals for applying that surplus. Each of these three accountability documents raises the question of how public input should be made, and how trustees should respond to it. Should the trust broadly follow local government practice of publishing material, providing a month for submissions, allowing members of the public and opportunity to express their views in person, and then making a final decision? A major objection is the time and cost this would involve, with the risk that such a process could act as a real disincentive for potential trustees. An alternative is to allow a period of time for written submissions with a requirement that trustees should take those into account when finalising the documents concerned (the business plan and proposals for dealing with any surplus). It would be appropriate for the trust to hold an annual public meeting to which it presents its annual report and audited accounts. Audit - Audit Office - consolidation of accounts MDL understands that the Audit Office has been considering the circumstances under which the accounts of local government-related entities, which are not council controlled organisations, should be consolidated with the accounts of the council. One of its interests is in ensuring that anything that appears to be a public entity complies with the Public Audit Act requirement for audit by the Auditor-General. At issue is the meaning of the control test set out in section 5 of the Public Audit Act. This sets out three separate tests for control. If any of the tests are met, the accounts of the entity must be consolidated with the accounts of the council. Two are quite straightforward. The third, which is relevant for the proposed Community Housing Trust is less so. It reads: the other entity or entities together control the entity within the meaning of any relevant approved financial reporting standard. The relevant standard for the purposes of this test is FRS-37. It defines control as: Control by one entity over another entity exists in circumstances where the following parts (a) and (b) are both satisfied: (a) the first entity has the capacity to determine the financing and operating policies that guide the activities of the second entity, except in the following circumstances where such capacity is not required: (i) where such policies have been irreversibly predetermined by the first entity or its agent; or (ii) where the determination of such policies is unable to materially impact the level of potential ownership benefits that arise from the activities of the second entity. (b) the first entity has an entitlement to a significant level of current or future ownership benefits, including the reduction of ownership losses, which arise from the activities of the second entity. MDL understands that the standard is being interpreted to find that control exists in situations where, for example, a trust, which is not a CCO, is established to manage what was previously a council owned facility, and the council is its primary source of funding. In a number of these cases, the council does have the capacity to determine the financing and operating policies. The council also effectively enjoys ownership benefits as the provision of the facility is something that would otherwise be a council obligation, or at least a community expectation of the council. The proposed Community Housing Trust should fall outside this control test for several reasons including: Provision, or enabling the provision, of affordable housing is not a normal council obligation or activity. The Council will not determine the trust's financing and operating policies. At most, it will have certain requirements in its contractual arrangement with the trust regarding the way in which the trust use the sections transferred to it, including the use of part of the proceeds for operating expenses. There is a clear intention that, as far as possible, the trust will develop other sources of funding. Indeed, in an ideal world from the Council's perspective, this would ultimately lead to the trust being independent of any Council funding. The benefit element of the test should also not apply. To the extent that there are beneficiaries from the trust's activity, they will not include the Council in the sense that what the trust does absolves the Council from undertaking similar activity or expenditure. Instead, the principal beneficiaries will be defined employment sectors, and eligible households within that sector who are successful applicants to the trust for assistance. There would be merit nonetheless, as part of the process of establishing the trust, in discussing the consolidation and audit issue with the Audit Office. 6. Principles governing the Council/Trust relationship The following principles are important to setting up the Council/trust relationship. No parent/subsidiary relationship Although the Council is playing the primary role in the establishment of the trust, it should be very clear that there is no parent/subsidiary relationship either formal or informal between the Council and the trust. Instead, the post-establishment relationship will be purely contractual. It will centre on the agreement between the council and the trust under which the Council transfers residential sections to the trust, and the trust agrees to use these for the development of affordable housing. The trust as action research It would be appropriate the relationship recognise that, at least in the initial stages of trust operation, the trust is a form of "action research". MDL suggests this because it is not yet clear whether there is genuinely a sector-wide crisis of recruitment and retention in place or emerging in any of Taupo's critical employment sectors. The Council should be able to reserve the right to terminate its relationship with the trust if it concludes, based on further information, that there is no compelling case for ongoing Council support for affordable housing. A written contract There should be a written contract between the Council and the trust covering at least the following matters: The Councils objectives in making the sections available to the trust. These will include: the use of the sections to develop affordable housing (the Council may wish to include parameters to regulate the size and cost of the housing); the focus on employment sectors for which housing affordability is, or appears likely to be, a significant barrier to recruitment and retention of key staff; basic eligibility rules (modelled where appropriate on the Queenstown precedent); how the transfer price will be determined (including any discount to enable funding of operating expenses); the Council's expectations of leverage (see the discussion at page 20 above) and the nature of any commitment to further support. Key performance indicators for the trust. These may include the extent of leverage defined in terms of additional housing units made available over and above the number that could be constructed on Council-provided sections alone and the trust's success in attracting funding from other parties. There is an argument for developing KPIs on the trust's effectiveness in meeting need within the affordable housing segment. However, it may be very difficult to design these before there is actual experience of trust operation. A particular issue will be how the trust should make decisions as between low income households needing a high level of support on the one hand, and on the other, higher income, but still qualifying, households needing less support. The basis on which sections are transferred to the trust. In keeping with the suggestion that, at least in the early years, the trust should be seen as a form of "action research", the Council should have the power under defined circumstances to recover the value of the sections transferred to the trust (less any discount for operating expenses). It should also have the right to do so if the trust manifestly fails to perform in terms of its key performance indicators. This can be achieved by providing that the purchase price, less the discount, remain owing as an interest-free on-demand unsecured debt, subject to the condition that demand could only be exercised on the happening of one or more defined events. This would leave the trust free to give security over its assets, and otherwise deal with them, while still protecting the Council's interests. Contractual accountability. The contract should set out whatever reporting requirements the Council has designed to give it the assurance that the trust's activities are meeting its objectives. This might include information such as the number of households assisted, their qualifying circumstances, the amount of assistance in each case, applications declined and why, copies of financial information provided to the trust board itself (at least as long as the council remains the trust's major funder) and the level of support from other funders. The contract should also provide that the trust, at the Council's request, will provide the Council with briefings on trust activity, and its views on developments in housing affordability within Taupo (in each case subject to commercial confidentiality). Council-appointed trustee. The contract should include clear guidelines on what information any council-appointed trustee may provide, or not provide, to the Council in respect of trust affairs. This should include acknowledgement of the trust's right to maintain confidentiality, including confidentiality from the Council in defined cases. 7. Conclusions and Recommendations Conclusions MDL's work confirms that housing affordability is emerging as a potential threat to the recruitment and retention of staff in key employment sectors within Taupo (examples include hospitality (accommodation, cafes and restaurants), possibly education and health). Whilst it is not yet at a crisis point, it has clearly reached the stage where it should be considered a risk both to individual sectors and to the local economy. The Council's Housing Market Assessment concentrated on the impact on people whose preferred option was homeownership (essentially people who are making a long-term work commitment to the district). MDL's work suggests that it is also an issue for the district's substantial but seasonally fluctuating temporary workforce. The Council can properly conclude it should consider and implement means of managing the risk. The risk to the district economy as a whole justifies the Council considering the use of ratepayer funded support, for example Council-owned sections, as a means of "kick-starting" means of addressing the risk. The fact that the risk bears more heavily on some sectors of the economy than others suggests that there should also be sector-based contributions. A targeted rate may be one possibility. There are gaps in the information available to the Council which it should consider filling. These include: An understanding of the housing expectations with which people have come to Taupo over the (say) past three years, their actual experience compared with their expectations, and the impact on their commitment to staying in the district. Robust information on the size of the district's temporary workforce requirement, how that varies seasonally, and the related accommodation implications. The supply of developed sections, including sections suitable for affordable housing. Recommendations The Council establish a Community Housing Trust as an incorporated charitable trust following the guidelines contained in Part 5 of this report and in the Appendix to MDLs previous report for the Council, Community Land Trusts: A Scoping Report. The Council "kick-start" the activities of the trust by transferring to it a number of residential sections (a figure of six has been mentioned to MDL) and be prepared to consider similar transfers in future years if it is satisfied with the trust's performance. The transfer should be at market value, less a discount of 10% as a means of contributing to the trust's operating expenses, with the purchase price left owing as an unsecured on-demand interest-free debt, with demand to be exercised only on the happening of one or more defined events including non-compliance with the terms of transfer. The terms of transfer should be recorded in a contract between the Council and the trust and set out the Council's objectives including: The trust actively developing affordable housing for purchase by qualifying households (that is households whose gross income falls within a defined range around median household income within Taupo, and with one or more members working for an employer in a defined priority sector). Setting conditions of purchase for affordable housing to ensure that each household receives only the amount of support reasonably necessary to enable purchase. These conditions are expected to be that purchasing households contribute an agreed minimum deposit, raise the maximum mortgage they can afford to service in terms of criteria established by the trust, and that the trust provide the balance of the purchase price as a shared equity mortgage with the principal repayable when the property is sold together with the pro rata share of any capital gain. The conditions of sale by the trust of affordable housing include that the sale price be set by an independent valuer; that the trust have an option to repurchase the property, if the household wishes to sell, with the sale price also set by an independent valuer (with allowance being made for any improvements affected by the household); and that the trust's mortgage advance be repayable if the household ceases to have a member working for a priority sector, if the household sublets the property for a term exceeding three months without the consent of the trust, or if the household fails adequately to maintain the house. The trust take all reasonable steps to leverage the assistance provided to it by the Council including, if it is feasible and prudent to do so, borrowing against its interest in any shared equity mortgages it holds. The trust explore options including a targeted rate, a levy by sector-based associations on members, or voluntary contributions - for obtaining a contribution from employers within priority sectors towards the development of further affordable housing. The trust explore options for enabling the provision of accommodation targeted to the accommodation needs of temporary workers required by employers in priority sectors. The contract between the Council and the trust include agreed performance indicators non-achievement of which could be an event triggering the Council's right to require repayment of its unsecured advance. The Council be prepared to consider a temporary advance to the trust to cover its operating expenses until it has been able to monetise the discount on the sale of sections to it by the Council.  Typically this is done by the trust leasing the land to the homeowner at a peppercorn rental, the homeowner thus purchasing only the house itself.  (TDC Taupo District Growth Management Strategy, Base Case Report, November 2005)  In the terminology generally used in the industry, tourism is the overarching sector and includes accommodation, food and beverage, transport, it activities and attractions.  There is what amounts to a technicality which the trust and the Council will need to consider in defining how to assess the maximum mortgage an applicant can serve. If the Auckland regional housing affordability definition is applied, then the 30% figure will include rates, insurance and essential maintenance. However, that definition covers affordability for households in the bottom 40% of household income distribution. If income eligibility for Housing Trust assistance ranges up to 120% of area median household income, then it will clearly include households well above the 40% mark. To avoid giving better off households more assistance than they actually require, the trust may decide that for households with an income above the 40% mark the maximum mortgage should be the amount which can be serviced by 30% of gross household income excluding other household costs. This will create the inevitable boundary problem of households just below the 40% mark receiving more generous treatment than households just above it. Or the other hand, it can also be seen as a means of skewing assistance towards those most in need.     PAGE 8  PAGE 3 Level 1 17 GreySt P O Box 13 125, Tauranga Tel: (07) 579 4217 Fax: (07) 579 4218  HYPERLINK http://www.mdl.co.nz www.mdl.co.nz email: peter@mdl.co.nz McKinlay Douglas Limited November 2001 PAGE 1  CLT Scoping Report Page  PAGE i PAGE 1 A Community Housing Trust for Taupo Page  PAGE 33    245GHJKe|}~ĻĩreXKBhzIh`mCJhzIh`mCJOJQJhzIh+CJOJQJhzIhY*CJOJQJhzIh`mCJOJQJhzIh`mCJ hzIh+ hzIh`mhzIh`m5CJhzIh`mCJhzIh`mCJ,hzIh"#XCJ,hzIh+CJ,hzIhY*CJ,hzIh`mCJ0hzIh`mCJhzIh`mCJhzIhCJhzIhcCJ hcCJ 5HIJK}~$RS$d&dNP]R^Sa$1$RSx$d&dNP]R^Sa$ $RS]R^Sa$ SS]S^S$S^Sa$H`f:h( 0 [ + 3 :6dgdA5gdZ$ 7a$$&dPa$S^S $RS]R^Sa$   " # $ % & ' ȺȺwhwWhLhh#;mHnHu j}h0UmHnHujhzIUmHnHuhzImHnHu)hACJOJQJaJmHnHsH tH u2jhzIh0>*B*UmHnHphuhzImHnHuh3PhzI0JmHnHu$jh3PhzI0JUmHnHuhzIjhzIUhzIh`m56CJOJQJhzIh`mCJ4' ( ) * F G H I b c d ~  бۥ|u`Jۥ+jhAh0>*B*CJUph(hAhzICJOJQJmHnHsH tH  h#;CJjwhAh0CJUjhAhzICJUhAhzICJhAhzI0JCJ\+jhAh0>*B*CJUphhAhzICJhAhzI0JCJjhAhzI0JCJU)hzICJOJQJaJmHnHsH tH u    * + , - . / 0 1 2 ʵʪuueʵRDh3PhzI0JmHnHu$jh3PhzI0JUmHnHujkhAh0CJUhAhzICJhAhzI0JCJ\+jhAh0>*B*CJUphhAhzICJhAhzI0JCJ(hAhzICJOJQJmHnHsH tH jhAhzI0JCJU h#;CJjhAhzICJUjqhAh0CJU2 N O P Q S V λ蛌{p[LA8Ah6?hzICJh6?hzI0JCJjh6?hzI0JCJU)hzICJOJQJaJmHnHsH tH uh#;mHnHu jeh0UmHnHujhzIUmHnHuhzImHnHu)h6?CJOJQJaJmHnHsH tH u$jh3PhzI0JUmHnHu2jhzIh0>*B*UmHnHphuh3PhzI0JmHnHuhzImHnHu     ! 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