Hon Dr MEGAN WOODS (Minister of Housing): The Government is encouraging more long-term rental options by giving Build to Rent developers an exemption on the interest deductibility limitations. We are exempting Build to Rent developments from interest limitation in perpetuity. This will attract new sources of forms of stable, long-term investments such as iwi or superannuation funds. As we know, Build to Rent projects often need a longer timeframe of 50-plus years to realise returns. These exemptions will be available for any Build to Rent development for as long as the homes are held as long-term rentals. They also need to offer tenants leases of at least 10 years and have additional personalisation policies beyond the minimum requirements of the Residential Tenancy Act. This is something we've been working on with the sector since February 2021. We recognise that Build to Rent can help to continue the current momentum of new supply and improve the quality of rental housing with new, warm, dry, secure homes.