Ministry of Housing and Urban Development

Stage one applications now open for Flexible Fund

Stage one applications for the flexible fund are now open. A two-stage application process will be used to identify delivery partners and select projects to deliver at least 675-770 social homes and affordable rentals between July 2027 and mid- to late-2029.

Te Tūāpapa Kura Kāinga – Ministry of Housing and Urban Development is seeking to work with delivery partners with expertise and experience to deliver homes and provide a tenancy service that improves outcomes for those being housed. We encourage providers to partner with others, to bring together the necessary skills and experience.

The stage one application pack is now available on the Ministry’s website. It includes:

• Application form
• Cost response form
• Financial model response form (V2)
• Financial model user guidance
• Commercial term sheet (V2)

Applicants must submit a completed stage one application in accordance with the requirements set out in the application pack. Detailed instructions and relevant materials are accessible via the Ministry’s website at the link below. This will be updated weekly with new questions and answers related to the application process.

https://www.hud.govt.nz/documents/budget-2025-flexible-fund-opportunity

Applications are open until 24 April 2026.

*IMPORTANT NOTE (updated 18 March 2026)

A notice of amendment was issued on 18 March 2026 and published on the Ministry's website. This notice outlines the updates to the financial model response form and the commercial term sheet.

The notice and the updated materials (Financial model response form V2 and Commercial term sheet V2) are available here: https://www.hud.govt.nz/documents/budget-2025-flexible-fund-opportunity#notice

*NOTE (updated 21 April 2026)

Please note we expect applications submitted to be less than 35MB in size. Applications over this size will not be delivered to our inbox (investment@hud.govt.nz). Please contact investment@hud.govt.nz if you experience issues submitting your application.