Kainga Ora has until November to come up with a turnaround plan for its fiscal woes

The Housing Minister's released a new letter of expectations for the state housing provider, demanding better financial performance.

Chris Bishop says the plan's expected to materially reduce operating losses - and manage within the approved debt appropriation.

A refreshed board has also been appointed and will start its term on Monday, with seven new members.

A review into the agency released earlier this year found Kainga Ora is under performing - and not viable without significant savings.