A council can lend money to people who want to buy a house. This is called an advance for housing purposes. You can find more information about this in the Local Government Act 2002, which is available on the legislation website. The rule about councils lending money for housing was repealed on 1 July 2003. This means it is no longer in force. It was repealed by section 266 of the Local Government Act 2002.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM422142.
562: Accounting of proceeds of sale or lease of building allotments, or
"What happens to the money when a council sells or leases land for housing?"
564: Guarantees by council of portions of mortgages granted for housing purposes, or
"Councils used to help people buy homes by promising to pay back part of their mortgage."
