Annual Report 2009/10 - Housing New Zealand

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IntroductionThe Annual Report reports on the Corporation’sprogress against the 2009/10 Statement of Intent.The Statement of Intent was developed to giveeffect to the Crown’s social objectives by providinghousing and services related to housing to helpenable the two outcomes below. The Corporationidentified a set of outcome indicators to measureprogress against the two outcomes.To achieve the two outcomes, the Corporationfocused on six priority areas for 2009/10. Thissection (Part Two) of the Annual Report covers theCorporation’s progress against the two outcomes.The Corporation also focused on improving its valuefor money and organisational health and capability.The results are summarised in Part Three.The outputs and performance information forthe year ending 30 June 2010 are summarised inPart Four.our outcomes (refer to part two)Outcome One: Where the Corporation has a significant influence,people will have access to decent, affordable housingOutcome Two: Where the Corporation has asignificant influence, people will live in safe,inclusive communitiesour priorities (refer to part two)Upgrading statehousing stock to adecent standardDeveloping ahousing Optionsand Advice ServiceImproving housingaffordability forlow- to middleincomeearnersExpanding socialhousing optionsFacilitatingimprovement incommunities wherestate housingdominatesimproving value for money (refer to part three)maintaining and developing organisation health and capability (refer to part three)our outputs to achieve our priorities (refer to part four)Intermediateoutputs – HousingportfolioAdvisory servicesState housetenanciesPolicy adviceFinancial assistance– housingPolicy adviceFinancial assistance– housingAdvisory servicesState housetenanciesFinancial assistance– housingPropertymanagementAdvisory servicesPropertymanagementMeasuring progress against our outcomesThe Corporation identified a set of outcomeindicators to track trends towards achieving theoutcomes. The indicators are influenced by theactions of the Corporation, the actions of otheragencies and the socioeconomic environment.The outcome tables on pages 26 and 39 show theindicator, scope of the indicator, rationale, baselinemeasure, result and analysis. During 2009/10 theCorporation revised its Outcomes Framework toprovide a more balanced overview of itsperformance. The Framework is summarised onpage 41. As a result, new outcomes and associatedmedium-term operating performance indicatorswere developed to enable the Board and Ministersto assess the Corporation’s outcome contributionover time. These are included in the 2010–2013Statement of Intent. As a consequence, the resultsagainst the 2010–2013 outcome indicators will differto the ones reported in this 2009/10 Annual Report.10housing new zealand corporation | annual report 2009/10
Assessing housing needThe Corporation supplies almost 5 percent ofhousing in New Zealand through directly providingfamilies with a house for an affordable rent. Thishelps about 69,000 households who may not beable to sustain a tenancy in the private sectorbecause of low income, poor health or disability,or the need for modified housing.The Corporation provides landlord services,including maintenance and inspections to itstenants, while offering a responsive service totenants and applicants, where there is the possibilityof homelessness and other adverse consequence.The Social Allocation System is the process theCorporation uses to assess an applicant’s eligibilityfor state housing and subsequent waiting listpriority. Once housed, tenants are charged anincome-related rent subsidised by the governmentand administered by the Corporation.social allocation systemPoints are awarded under the Social Allocation Systemon each of five criteria:• Affordability of current accommodation.• Adequacy (quality) of current accommodation.• Suitability (number of bedrooms) of currentaccommodation.• Ability to access private sector accommodation(funds for bond, discrimination issues).• Sustainability (factors mostly relating to the personalneeds, capabilities and social functioning of theapplicants).Applicants are assigned to an overall waiting list –priority A (at risk), B (serious housing need),C (moderate need) and D (low need) – and areranked within each priority.income-related rentOnce an applicant is housed, the Corporation sets arent based on the tenant’s income. This is called anincome-related rent. Income-related rents are set at25 percent of assessable income for state house tenantson low incomes.A tenant’s income is classified as ‘low’ if the tenant issingle without dependent children and their incomeis less than the single ‘living alone’ rate of New ZealandSuperannuation (after tax). In the case of othertenants, an income less than the ‘married couple’rate of New Zealand Superannuation (after tax) isconsidered a ‘low’ income.Above this level of income, the rent is increased by50 cents for every additional dollar in net income untilthe market rent is reached (the rent the house wouldattract if let on the open market). Rent payable isadjusted whenever income or other relevantcircumstances change.The income-related rent is the difference betweenthe rent charged and the assessed market rent for theproperty. Market rents for Corporation properties areset annually based on Quotable Value valuations andadjusted by the Corporation for factors such as aspect,and parking. The subsidy amount is paid to theCorporation by the Crown through Vote Housing asa payment for services in respect of each tenantedhousing unit.2 | Outcome Contributionhousing new zealand corporation | annual report 2009/10 11
Page 1 and 2: Housing New Zealand Corporation Ann
Page 3 and 4: ContentsPart One: Overview 3Forewor
Page 5 and 6: Part oneOverviewForeword: Board Cha
Page 7 and 8: 1 | OverviewWe need to look for inn
Page 9 and 10: 1 | OverviewAs part of this journey
Page 11: Part twoOutcome contributionIntrodu
Page 15 and 16: Housing PathwaysThe housing pathway
Page 17 and 18: outcome 1Where the Corporation has
Page 19 and 20: tenant home ownershipA long-term dr
Page 21 and 22: AucklandCanterbury andNelson/Marlbo
Page 23 and 24: Table 4: Oversupply of homes 3Overs
Page 25 and 26: The Corporation is planning a study
Page 27 and 28: Customer segmentation frameworkThe
Page 29 and 30: outcome onewhere the corporation ha
Page 35 and 36: outcome 2Where the Corporation has
Page 37 and 38: Examples of projects approved inclu
Page 39 and 40: Community development enhances then
Page 41 and 42: outcome twowhere the corporation ha
Page 43 and 44: Priorities for the futureThe Govern
Page 45 and 46: Part threeManaging the CorporationO
Page 47 and 48: • Developing a Customer Segmentat
Page 49 and 50: Information systems and technologyI
Page 51 and 52: Structure and organisationHousing N
Page 53 and 54: AccountabilityOn an annual basis, t
Page 55 and 56: Part fourStatement ofService Perfor
Page 57 and 58: Audit Reporthousing new zealand cor
Page 59 and 60: Statement of Service PerformanceOut
Page 61 and 62: Output Class 2: State House Tenanci
Page 63 and 64:
performance informationkey performa
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Page 67 and 68:
Page 69 and 70:
estimateddemand2009/10actualcomment
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
upgrading existing houses (corporat
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Page 79 and 80:
AppropriationsThe following section
Page 81 and 82:
corporation’s output classesoutpu
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Part fiveFinancial StatementspageHo
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ed gainsme 1%fromRepairs andmainten
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housing new zealand corporationInco
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housing new zealand corporationCash
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When the adoption of the new standa
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The following new accounting standa
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(k) Intangible assetsThe Group has
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At each reporting date, the Group r
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(aa) Derivative financial instrumen
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Management monitors interest rate l
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YEAR ENDED 30 JUNE 2010QUOTEDMARKET
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The Corporation values the long-ser
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6 Receivables and prepaymentsGROUP
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FREEHOLDLANDRENTALPROPERTIESCAPITAL
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11 Available-for-sale financial ass
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SOLD MORTGAGESORIGINALSOLDAMOUNTCRO
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16(b) Current income tax liabilityG
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The insured underlying loans have a
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19 Cash and cash equivalentsGROUP G
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22 Interest rate risk on the carryi
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YEAR ENDED 30 JUNE 2009INTEREST RAT
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Hedging activitiesAt 30 June 2010,
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24(d) GrantsGROUP GROUP PARENT PARE
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(a) Sub-lease receivablesThe Corpor
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Terms and conditions of transaction
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Other expenses were $8 million belo
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housing agency accountStatement of
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housing agency accountIncome Statem
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housing agency accountCash Flow Sta
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Work in progressLand and related de
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(ii) Accounting standards and inter
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5 Rental properties2010 2009($000)
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9 Financial instrumentsLOANS &RECEI
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We did not examine every transactio
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Annual Report 2009/10 - Housing New Zealand

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