New Body Corporate Initiatives
The Labour Government have signalled a number of Housing initiatives in this term of Government, including reviewing and amending the Unit Titles Act 2010. Lets take a quick look at how these proposals relate to Bodies Corporate.
The Unit Titles review will focus on identifying more cost effective ways of managing Unit Title complexes, enabling management systems that are proportional to the size of the complex, ensuring the planning and funding of maintenance projects is transparent and proportionate and improving the disclosure regime to prospective buyers.
For an insight in what this may actually end up looking like, it may be helpful to take a look at the ‘Unit Titles (Strengthening Body Corporate Governance and Other matters) Amendment Bill’ for some background click here to read the bill. For more insight into the bill Strata Community Association (SCA)
Another area of interest for owners of multi dwelling buildings or complexes is a desire by Labour to introduce a new energy efficiency certificate system to help homeowners to reduce costs. It is proposed that owners will obtain this certificate when they choose to sell their home and disclose the Energy Performance Certificate to prospective buyers. It is estimated that the cost of the scheme will be approximately $120.00 and will be developed in consultation with real estate agents and technical advisors.
Labour has also acknowledged that remediating earthquake-prone residential and apartment buildings is an essential undertaking. They will address this by providing professional project managers to qualifying residential Bodies Corporate to co-ordinate all aspects of the remediation. Owners will still need to contribute to the cost of the building strengthening, however they will not be required to pay for the Building Remediation Service provided.
There will be a very strong emphasis by Labour to continue building state houses, transitional houses and affordable housing by broadening out the KiwiBuild model and supporting the construction industry more widely through the Residential Construction Response Fund.
Finally the Labour Government’s pledge to repeal and replace the Resource Management Act 1991 to reduce cost and complexity while supporting environmental outcomes is certainly long overdue.