Bay residents curious about a new alternative to retirement village living will have the chance to explore it for themselves this weekend.

The Bay of Plenty Housing Equity Fund’s (BOPHEF) first Homes Together development in Matua will open its doors to the public on Saturday, November 7, offering guided access to a housing model designed to help older people downsize while retaining more of their home equity.

Located at 299 Levers Rd, the nearly completed 10-home development includes seven two-bedroom homes and three one-bedroom homes designed to support independent living and ageing in place.

BOPHEF investment director Peter Watson said in a statement that interest in the project had been strong since it was launched earlier this year, with the first resident due to move in this week.

“There are still homes available and the open day this Saturday gives people a chance to see what is happening, walk through them and get a genuine feel for whether living in this community could work for them,” Watson said.

The Homes Together model is aimed at homeowners who want to move into a smaller, more manageable property without entering a retirement village or taking out a reverse mortgage.

Residents contribute $300,000 for a one-bedroom home or $400,000 for a two-bedroom home. The contribution is repaid in full within 90 days of leaving, with no exit fee deducted.

The new Homes Together development on Levers Rd, Matua.

Residents also pay a weekly ground rent ranging from $175 to $240, plus rates, insurance and utilities.

Watson said many older people found large family homes increasingly difficult to maintain but often struggled to find suitable alternatives.

“People assume that moving from a large family home into something smaller will automatically free up a significant amount of money, but that is often not the case,” he said.

“Homes Together gives people another path. They can move into a modern home that is easier to manage while freeing up equity and enjoying a greater quality of life.”

Ngāi Tamarāwaho mana whenua representative Ngairo Eruera led yesterday morning's blessing.

The Bay of Plenty Housing Equity Fund was established in 2024 and is backed by a $100 million fund supported by Tauranga City Council, BayTrust, TECT, Trust Horizon and Rotorua Trust.

According to Watson, the Matua development is intended to become a blueprint for future Homes Together communities throughout the Bay of Plenty.

The community open day will run from 10am to 1pm on Saturday, November 7.

BOPHEF will also offer one-on-one viewings in the weeks following the event for people interested in learning more about the housing option.