The Government has announced that it will pay former Christchurch residential red zone owners 100% of the 2007/08 rateable value for uninsured homes.
Greater Christchurch Regeneration Minister Megan Woods says the payment is for those property owners who have not already received a payment for their uninsured improvements.
“Ex gratia payments will be made to the former owners of 103 uninsured and underinsured red zone properties over the next few weeks. The total cost of the payments is forecast to be around $12 million,” she says.
Dr Woods says former owners will not need to do anything. Land Information New Zealand (LINZ) can arrange the ex gratia payments, using the contact details provided when accepting the Crown offer.
She says the Crown has also reopened its offer to purchase privately-owned properties in the residential red zone. The purchase price will be 100% of the 2007/08 rateable value, regardless of insurance status.
This is a voluntary offer. Property owners need to contact LINZ if they wish to sell their property to the Crown.
Full details of the offers and the process are available on the Christchurch Residential Red Zone section of the LINZ website.