In March 2026, National Infrastructure Funding and Financing finalised a transaction with the developer of the Te Awa Lakes development in Horotiu, Hamilton to provide $50m of funding utilising the Infrastructure Funding and Financing (IFF) Act. The funding will facilitate the provision of transport and water infrastructure enabling 1,500 houses and commercial properties in the Te Awa Lakes development.
This structure has allowed for the accelerated construction of essential infrastructure to support the delivery of housing.
| Project Owners | Te Awa Lakes Joint Venture (TALJV) – the developer |
| Infrastructure Type | Transport and Waters |
| Levy Payers | Property owners in the Te Awa Lakes development Levy Area |
| IFF Funding Provided | $50.0m |
| Lenders | NIFF through its subsidiary, IFF Holdings Limited and Bank of New Zealand |
| Levy period | 30-year period |
| Forecast Levy for a residential property in first levy year (year starting 1 July 2027) | A residential property with an average CV in the Te Awa Lakes development Levy Area will pay approximately $2,100 per annum (excluding GST) in the year 1 July 2027 to 30 June 2028, increasing each year thereafter by 3%. Commercial properties will pay 1.3x the commercial rate. See TeAwaInfrastructureLevy.co.nz for further detail |
Debt Financing Structure The Te Awa Lakes transaction utilises the IFF Greenfield Model to support housing growth:
- Levy Model: Secured by a future annual levy revenue stream applied to the properties in the Levy Area, reducing risks for lenders.
- Long-Term Debt: 30-year financing period, spreading the costs of the projects over time, supporting intergenerational equity.
- Collaboration: Demonstrates a successful partnership between the private sector (including both TALJV and BNZ), Central Government and Local Government, to accelerate infrastructure delivery and improve housing outcomes.
The infrastructure works include:
- Large Stormwater Lake including wetlands: Construction of a large stormwater treatment lake providing water quality management and visual amenity. Completion forecast for late 2028.
- Outfall to Awa: Final stage of stormwater treatment releasing cleaned water into the Waikato Awa via landscaped wetlands. Completion forecast for late 2026.
- Main Road (Road 1): Primary spine road through Zones 1–4 connecting to Hutchinson Road, including a bridge/culvert over the stormwater lake. Completion forecast for late 2028.
- Hutchinson Road Upgrade: Upgrade of the main entrance to Te Awa Lakes, linking to Te Rapa Road and the Service Centre. Completion forecast for late 2026 (Two Lane) / 2029 (Four Lane).
- Pump Station: Wastewater pump station to serve residential and employment zones. Completion forecast for late 2029.
- Wastewater Rising Main: Pressurised pipeline system to transport wastewater from the pump station to the main sewer network. Completion forecast for late 2030.
- Three Waters: Provision of water supply, wastewater, and stormwater infrastructure. Completion forecast for late 2029.
Impact on Housing Supply The IFF model enables the acceleration of the Te Awa Lakes development, directly unlocking approximately 1,500 homes and commercial premises in the development. This infrastructure is a pre-requisite to the development occurring and supports the wider master plan expected to deliver ~2,500 dwellings in total. Without this model, infrastructure delivery would likely proceed on a piecemeal basis over a longer period of time, resulting in delayed provision and a slower release of housing to the high-growth Hamilton market.
