Housing Australia Investment Mandate Direction 2018 made under subsection 12(1) of the Housing Australia Act 2018 Compilation No. 15 Compilation date: 20 December 2024 Includes amendments: Housing Australia Investment Mandate Amendment (2024 Measures No. 3) Direction 2024 Prepared by The Treasury About this compilation This compilation This is a compilation of the Housing Australia Investment Mandate Direction 2018 that shows the text of the law as amended and in force on 20 December 2024 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Preliminary 1 Name 3 Authority 4 Definitions 4A Meaning of capital city, regional centre and regional area 4B Meaning of index number 5 Purpose of this Direction Part 2—Activities and allocation of funds Division 1—Activities 6 Establishment and operation of Affordable Housing Bond Aggregator 7 Establishment and operation of National Housing Infrastructure Facility 7A Establishment and operation of Housing Australia Future Fund Facility 7B Establishment and operation of the National Housing Accord Facility 8 Support for capacity building 8A Establishment and operation of Home Guarantee Scheme 9 No further activities 10 Application of commercial discipline 10A Minimum number of dwellings to be made available Division 2—Allocation and repayment of funds—AHBA 11 AHBA reserve 12 Payment of AHBA dividends Division 3—Allocation and maintenance of funds—NHIF and capacity building 13 Establishment of Permanent Fund 14 Minimum target value of Permanent Fund 15 Limit on grants, capacity building contracts and crisis and transitional housing projects Part 3—Affordable housing bond aggregator 15A Simplified outline of this Part Division 1—Financing mechanisms and eligibility 15B Applications for loans 16 Eligibility for loans 17 Financing mechanism Division 2—Criteria for lending 18 Purpose of the AHBA 19 Matters to be considered when making lending decisions 20 Benchmark return 21 Risk level Part 4—National Housing Infrastructure Facility 21AA Simplified outline of this Part Division 1—Financing mechanisms and eligibility 21AB Applications for finance under the NHIF 21AC Eligibility for loans and grants 21A Meaning of housing-enabling infrastructure projects, social or affordable housing projects and crisis and transitional housing projects 22 Eligible project proponents for housing-enabling infrastructure projects 22A Eligible project proponents for social or affordable housing projects (other than crisis and transitional housing projects) 22BA Eligible project proponents for crisis and transitional housing projects 22B Identifying eligible project proponents 23 Eligible projects 24 Financing mechanisms Division 2—Criteria for financing decisions 25 Matters to be considered when making financing decisions 26 Matters to be considered when determining concessions 27 Benchmark rate of return 28 Risk level Division 3—General matters 28A Quarterly reporting to Minister in relation to NHIF 28AB Crisis and transitional housing projects—initial apportionment of funding Part 4A—Housing Australia Future Fund Facility 28B Simplified outline of this Part Division 1—Financing mechanisms and eligibility 28C Applications for finance under the HAFFF 28D Eligibility for loans and grants 28E HAFFF projects 28F Eligible project proponents for HAFFF projects 28G Identifying eligible project proponents 28H Financing mechanisms Division 2—Criteria for financing decisions 28J Matters to be considered when making financing decisions 28K Matters to be considered when determining concessions Division 3—General matters 28L Quarterly reporting to Minister in relation to the HAFFF 28M Liabilities under the HAFFF to be disregarded 28N Limits on making loans and grants for the purposes of this Part 28NA Indexing relevant amounts Part 4B—National Housing Accord Facility 28P Simplified outline of this Part Division 1—Financing mechanisms and eligibility 28Q Applications for finance under the NHAF 28R Eligibility for loans and grants 28S NHAF projects 28T Eligible project proponents for NHAF projects 28U Identifying eligible project proponents 28V Financing mechanisms Division 2—Criteria for financing decisions 28W Matters to be considered when making financing decisions 28X Matters to be considered when determining concessions Division 3—General matters 28Y Quarterly reporting to Minister in relation to the NHAF 28Z Liabilities under the NHAF to be disregarded 28ZA Limit on making loans and grants for the purposes of this Part 28ZAA Indexing relevant amounts Part 5—Capacity building assistance 28ZB Simplified outline of this Part 28ZC Applications for capacity building assistance 28ZD Eligibility for capacity building assistance 28ZE Matters to be considered when making capacity building decisions Part 5A—Home Guarantee Scheme 28ZF Simplified outline of this Part Division 1—Eligibility 29 Application for guarantees 29A Eligibility for guarantees 29B Eligible lender 29C Eligible loan 29D Eligible home buyer, eligible single parent and eligible single legal guardian 29E Income test 29F Price cap 29G Housing Australia may rely on information Division 2—Requirements for guarantees 29H Form of guarantee 29I First home guarantees 29IA New Home Guarantees 29IB Family Home Guarantees 29IBA Regional First Home Buyer Guarantees 29IC Interaction between sections 29I, 29IA, 29IB and 29IBA 29J Housing Australia must not charge fees Division 3—Other matters 29JA Scheme Rules 29K Principles for the operation of the Home Guarantee Scheme 29L Reporting Part 6—General governance matters 30 Reasons for decisions 31 Good corporate citizenship 32 Transparency of operations 33 Reputation 34 Approval needed if liabilities to exceed the prescribed amount 35 Restriction on issuing bonds in offshore markets Part 7—Application, savings and transitional provisions Division 1—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Home Guarantee Scheme) Direction 2022 36 Application of amendments Division 2—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022 37 Application of paragraph 29L(1)(ca) Division 3—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Price Cap Update) Direction 2022 38 Application of subsection 29F(1) Division 4—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Social and Affordable Housing) Direction 2022 39 Application of amendments Division 5—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Enhancing the Home Guarantee Scheme) Direction 2023 40 Application of amendments Division 6—Amendments made by the Housing Australia Investment Mandate Amendment (Social Housing, Affordable Housing and Acute Housing Needs) Direction 2023 41 Application of amendments Division 7—Amendments made by the Housing Australia Investment Mandate Amendment (2024 Measures No. 2) Direction 2024 42 Application of amendments Division 8—Transitional rule—HAFFF round 2 applications 43 Transitional—applications made on or after commencement and before 1 March 2025 Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Part 1—Preliminary 1 Name This instrument is the Housing Australia Investment Mandate Direction 2018. 3 Authority This instrument is made under subsection 12(1) of the Housing Australia Act 2018. 4 Definitions Note: A number of expressions used in this Direction are defined in the Act, including the following: (a) Board; (aa) guarantee liabilities; (c) registered community housing provider. In this Direction: Act means the Housing Australia Act 2018. AHBA (for Affordable Housing Bond Aggregator) means the bond aggregator established for section 6 and Part 3. Australian Statistical Geography Standard means the Australian Statistical Geography Standard (ASGS): Volume 1 - Main Structure and Greater Capital City Statistical Areas, July 2016, published by the Australian Bureau of Statistics, as existing at the time this instrument commenced. Note:          The Standard could in 2022 be viewed on the Australian Bureau of Statistics website (https://www.abs.gov.au). capacity building contract means a contract made under Part 5 with a person or entity for the provision of services to a registered community housing provider. capital city—see subsection 4A(1). child means a person aged under 16. Commercial Financier means a private sector body that finances or invests in projects relating to infrastructure or housing. constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. crisis and transitional housing—see subsection 21A(5). crisis and transitional housing project—see subsection 21A(4). crisis and transitional housing special purpose vehicle—see subsection 22BA(2). eligible home buyer—see section 29D. eligible lender—see section 29B. eligible loan—see section 29C. eligible single legal guardian—see section 29D. eligible single parent—see section 29D. Family Home Guarantee means: (a) a guarantee issued under subsection 29IB(1); or (b) a guarantee issued during the 2021-22 financial year under subsection 29IB(1) (as in force immediately before 1 July 2022). family violence has the same meaning as in section 4AB of the Family Law Act 1975. financing application means an application to Housing Australia for the making of a loan or grant. financing decision means a decision to make a loan or grant. First Home Guarantee means a guarantee issued under section 29I. HAFFF (for Housing Australia Future Fund Facility) means the facility established for section 7A and Part 4A. HAFFF availability payment—see subsection 28N(4). HAFFF construction compliant—see subsection 28E(4). HAFFF project—see subsection 28E(1). HAFFF special purpose vehicle—see subsection 28F(2). HAFFF upfront grant—see subsection 28N(4). Home Guarantee Scheme—see section 8A. housing-enabling infrastructure—see subsection 21A(2). housing-enabling infrastructure project—see subsection 21A(1). housing-enabling infrastructure special purpose vehicle—see subsection 22(2). index number—see section 4B. local governing body has the same meaning as in the Local Government (Financial Assistance) Act 1995. major bank means one of the following groups of entities, treated as a single entity: (a) the Australia and New Zealand Banking Group Limited (ACN 005 357 522) and its related bodies corporate; (b) the Commonwealth Bank of Australia (ACN 123 123 124) and its related bodies corporate; (c) National Australia Bank Limited (ACN 004 044 937) and its related bodies corporate; (d) Westpac Banking Corporation (ACN 007 457 141) and its related bodies corporate. minimum target value, of the Permanent Fund—see section 14. NCC means the National Construction Code 2022 as existing on 1 October 2023. Note: In 2023, the National Construction Code 2022 could be viewed on the National Construction Code website (http://ncc.abcb.gov.au). New Home Guarantee means a guarantee issued under section 29IA. newly built dwelling means a dwelling that meets the requirements of subsection 40-75(1) of the A New Tax System (Goods and Services Tax) Act 1999, other than a dwelling that, prior to sale, has been rented or leased, or made available for rental or lease, as commercial residential premises or residential premises (as those terms are defined in that Act). NHAF (for National Housing Accord Facility) means the facility established for section 7B and Part 4B. NHAF construction compliant—see subsection 28S(4). NHAF project—see subsection 28S(1). NHAF special purpose vehicle—see subsection 28T(2). NHIF (for National Housing Infrastructure Facility) means the facility established for section 7 and Part 4. Permanent Fund—see section 13. permanent resident has the same meaning as in the Australian Citizenship Act 2007. price cap—see section 29F. project proponent means the entity responsible for a project. regional area—see subsection 4A(3). regional centre—see subsection 4A(2). Regional First Home Buyer Guarantee means a guarantee issued under section 29IBA. registered charity means an entity registered under the Australian Charities and Not for profits Commission Act 2012. related body corporate has the same meaning as in the Corporations Act 2001. residential property has the same meaning as in the National Consumer Credit Protection Act 2009. social or affordable housing project—see subsection 21A(3). social or affordable housing special purpose vehicle—see subsection 22A(2). Statistical Area Level 4 area has the same meaning as in the Australian Statistical Geography Standard. underlying eligible member: (a) of a housing-enabling infrastructure special purpose vehicle—means a member of the housing-enabling infrastructure special purpose vehicle that is an entity mentioned in paragraphs 22(1)(a) to (f); or (b) of a social or affordable housing special purpose vehicle—means a member of the social or affordable housing special purpose vehicle that is an entity mentioned in paragraphs 22A(1)(a) to (f); or (ba) of a crisis and transitional housing special purpose vehicle—means a member of the crisis and transitional housing special purpose vehicle that is an entity mentioned in paragraphs 22BA(1)(a) to (g); or (c) of a HAFFF special purpose vehicle—means a member of the HAFFF special purpose vehicle that is an entity mentioned in paragraphs 28F(1)(a) to (i); or (d) of a NHAF special purpose vehicle—means a member of the NHAF special purpose vehicle that is an entity mentioned in paragraphs 28T(1)(a) to (i). unissued, in relation to guarantees that Housing Australia may issue under the Home Guarantee Scheme, means the difference between the number of guarantees that Housing Australia may issue in a financial year (worked out under section 29I, 29IA or 29IB), and the number of guarantees issued in the financial year. value, in relation to a residential property, means the value assessed by the eligible lender at the time a loan is entered into, in accordance with standard lending practice in the residential mortgage market. woman means a person whose gender identity (within the meaning of the Sex Discrimination Act 1984) is female. youth means a person aged between 16 and 24. 4A Meaning of capital city, regional centre and regional area (1) The capital city of a State or the Northern Territory is the Greater Capital City Statistical Area (within the meaning of the Australian Statistical Geography Standard) in that State or Territory. (2) A regional centre for a State specified in an item in the following table is one of the Statistical Area Level 4 areas specified in that item. Item State Regional Centre 1 New South Wales Newcastle and Lake Macquarie Illawarra 2 Victoria Geelong 3 Queensland Gold Coast Sunshine Coast (3) A regional area is: (a) a Statistical Area Level 4 area in a State or the Northern Territory that is not the capital city of that State or Territory; or (b) Norfolk Island; or (c) the Jervis Bay Territory; or (d) the Territory of Christmas Island; or (e) the Territory of Cocos (Keeling) Islands. 4B Meaning of index number (1) The index number for a quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician in respect of that quarter. (2) Subject to subsection (3), if, at any time before or after the commencement of this instrument: (a) the Australian Statistician has published or publishes an index number in respect of a quarter; and (b) that index number is in substitution for an index number previously published by the Australian Statistician in respect of that quarter; disregard the publication of the later index number for the purposes of this section. (3) If, at any time before or after the commencement of this instrument, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of applying this section after the change took place or takes place, have regard only to index numbers published in terms of the new index reference period. 5 Purpose of this Direction The purpose of this Direction is to give directions to the Board in relation to the performance of Housing Australia's functions under section 8 of the Act. Note: This Direction, with any other directions made under subsection 12(1) of the Act, together constitute the Investment Mandate for Housing Australia. Part 2—Activities and allocation of funds Division 1—Activities 6 Establishment and operation of Affordable Housing Bond Aggregator Housing Australia must establish a bond aggregator to make loans to registered community housing providers (the AHBA), and operate it in accordance with Part 3. Note: This is part of Housing Australia's financing function. 7 Establishment and operation of National Housing Infrastructure Facility Housing Australia must establish and operate a facility (the NHIF) to make loans and grants in accordance with Part 4. Note: This is part of Housing Australia's financing function. 7A Establishment and operation of Housing Australia Future Fund Facility Housing Australia must establish and operate a facility (the HAFFF) to make loans and grants in accordance with Part 4A. Note: This is part of Housing Australia's financing function. 7B Establishment and operation of the National Housing Accord Facility Housing Australia must establish and operate a facility (the NHAF) to make loans and grants in accordance with Part 4B. Note: This is part of Housing Australia's financing function. 8 Support for capacity building Housing Australia may provide support for capacity building in accordance with Part 5. Note: This is part of Housing Australia's capacity building function. 8A Establishment and operation of Home Guarantee Scheme Housing Australia must establish and operate a scheme to issue guarantees to eligible lenders in relation to eligible loans, in accordance with Part 5A (the Home Guarantee Scheme). Note: This is part of Housing Australia's guarantee function. 9 No further activities (1) Housing Australia must not spend money (including making loans, investments or grants) otherwise than: (a) for the purposes of sections 6 to 8A; or (b) to make an investment in accordance with section 59 of the Public Governance, Performance and Accountability Act 2013; or (c) for incidental purposes. (2) Housing Australia must not enter into arrangements mentioned in paragraph 9(2)(b) of the Act otherwise than: (a) for the purposes of sections 6 to 8; or (b) for incidental purposes. Note: Paragraph 9(2)(b) of the Act covers swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements, and similar arrangements. 10 Application of commercial discipline Except as provided in this Direction, Housing Australia must apply commercial discipline when making financing decisions and decisions for the purposes of the Home Guarantee Scheme. 10A Minimum number of dwellings to be made available (1) In performing its financing function, Housing Australia must take all reasonable steps, during a period of 5 years beginning on the day this section commences, to achieve the outcome of making available, in each State and Territory, a minimum of 1,200 applicable dwellings. (2) In determining whether the outcome of a minimum of 1,200 applicable dwellings has been achieved, Housing Australia must include any applicable dwellings made available in a State or Territory as a result of a grant of financial assistance made under subsection 18(1) or 18(3) of the Housing Australia Future Fund Act 2023. (3) An applicable dwelling is a dwelling that is or will be any of the following: (a) social housing; (b) affordable housing; (c) addressing an acute housing need. (4) However, a dwelling that is crisis and transitional housing is not an applicable dwelling. Division 2—Allocation and repayment of funds—AHBA 11 AHBA reserve (1) The Board must allocate to a reserve for the AHBA amounts that Housing Australia borrows from the Commonwealth, out of money appropriated by the Parliament for the purpose of the reserve. (2) The Board may allocate up to $4 billion to the AHBA reserve. (3) Subject to subsection (5), an amount allocated to the reserve (an allocation) must relate to a particular loan by Housing Australia to a registered community housing provider. (4) Within 6 months after the day when the loan is required to be repaid to Housing Australia, or at a later time allowed by the Minister, Housing Australia must: (a) repay to the Commonwealth an amount equal to the allocation, adjusted to cover the Commonwealth's cost of borrowing; and (b) reduce the reserve by the allocation. (5) An allocation may be used by Housing Australia for a purpose other than to make a loan to a registered community housing provider with the approval of, and in accordance with terms and conditions agreed with, the Minister and the Minister for Finance. Housing Australia must repay to the Commonwealth an amount equal to the allocation, adjusted to cover the Commonwealth's cost of borrowing, in accordance with those terms and conditions, and reduce the reserve by the allocation. (6) Housing Australia must aim to maintain the reserve in the medium to long term at no more than one third of its total liabilities in relation to the AHBA. (7) Housing Australia must develop a business plan to achieve that aim, and provide a copy to the Minister by 30 June 2019. 12 Payment of AHBA dividends The Board must consider recommending the payment of a dividend under section 49 of the Act if the average return of the AHBA over the long term is substantially above the benchmark return set for the Board under section 20. Division 3—Allocation and maintenance of funds—NHIF and capacity building 13 Establishment of Permanent Fund (1) Housing Australia must establish a fund (the Permanent Fund) for the purposes of Part 4 (National Housing Infrastructure Facility). (2) Housing Australia must ensure that all assets and liabilities of the Permanent Fund are allocated to the following sub-funds on the basis of the purpose of each: (a) a sub-fund for the purpose of financing housing-enabling infrastructure and social or affordable housing projects (other than crisis and transitional housing projects); (b) a sub-fund for the purpose of financing social or affordable housing projects that are crisis and transitional housing projects. (3) The Board must allocate each amount appropriated by the Parliament for a purpose of the NHIF to the sub-fund to which that purpose relates. Any amounts appropriated for a purpose relating to both funds must be reasonably apportioned between the sub-funds. (4) Each sub-fund consists of the following amounts: (a) the amounts of any current loans made under Part 4 in relation to projects to which the sub-fund relates; (b) amounts allocated to the sub-fund for the purpose of making loans and grants under Part 4 in relation to projects to which the sub-fund relates; (c) returns on the amounts mentioned in paragraphs (a) and (b). (5) The assets of each sub-fund must be used only for the following purposes: (a) making loans and grants in relation to projects to which the sub-fund relates; (b) the purposes mentioned in paragraphs 9(1)(b) (making investments) and (c) (incidental purposes, which includes meeting the operating costs of the NHIF in respect of that sub-fund). 14 Minimum target value of Permanent Fund (1) The Board must aim to maintain the value of the Permanent Fund in the medium to long term at no less than the minimum target value. (2) For this Direction the minimum target value of the Permanent Fund at a particular time is the sum of the amounts allocated to the sub-funds of the Fund under subsections 13(2) and (3), adjusted to cover the Commonwealth's cost of borrowing. 15 Limit on grants, capacity building contracts and crisis and transitional housing projects (1) The total value of the amounts payable by Housing Australia under grants for housing-enabling infrastructure projects and social or affordable housing projects (other than crisis and transitional housing projects) must not exceed $173.5 million. (2) The total value of the amounts payable by Housing Australia under grants for crisis and transitional housing projects must not exceed $700 million. (3) The total value of the amounts payable by Housing Australia under grants for capacity building contracts must not exceed $3 million. Part 3—Affordable housing bond aggregator 15A Simplified outline of this Part The affordable housing bond aggregator The AHBA operates by Housing Australia making loans to registered community housing providers, using money borrowed from the Commonwealth (see section 11) and by raising finance by the issue of bonds on the commercial market. The mechanism will allow money to be raised on a larger scale and on different terms to those that would be possible for the individual providers; the savings will be passed on to the providers in the form of lower interest loans and reduced refinancing risks, enabling them to improve housing outcomes for their clients. Division 1—Financing mechanisms and eligibility 15B Applications for loans Housing Australia must consider an application from an entity for the making of a loan through the AHBA if: (a) the entity is a registered community housing provider; and (b) the application is made in the manner and form approved by Housing Australia. 16 Eligibility for loans (1) Housing Australia must not make loans through the AHBA to an entity unless it is satisfied that: (a) the entity is a registered community housing provider; and (b) the loan is covered by paragraph 8(1A)(a), (b) or (c) of the Act. (2) Housing Australia may make a loan in relation to a mixed tenure development only if it is satisfied that any profits from the development will be applied to support social and affordable housing outcomes. (3) Housing Australia may specify eligibility criteria that must be satisfied by registered community housing providers, or classes of registered community housing providers. 17 Financing mechanism Housing Australia must obtain security from registered community housing providers for any loan, at a level that is appropriate having regard to the risk to Housing Australia and the Commonwealth. Division 2—Criteria for lending 18 Purpose of the AHBA The Board must aim to make loans to registered community housing providers at the lowest cost and most appropriate tenor possible, after recovering operational and financing costs and building capital reserves in accordance with this Division. Where appropriate, different loan products should be offered to meet the varying needs of registered community housing providers. 19 Matters to be considered when making lending decisions In deciding whether to make a particular loan, and in setting its conditions, the Board must have regard to the following matters: (a) the purpose for which the loan is being sought and the extent to which that purpose supports social and affordable housing outcomes, including crisis and transitional housing outcomes; (b) the credit-worthiness of the registered community housing provider; (c) whether private sector finance would be available to the registered community housing provider and, if so, the terms on which that finance would be available; (ca) whether the loan would encourage private sector participation in supporting affordable housing outcomes; (d) the likelihood that Housing Australia will receive a return from the loan and the likely extent of that return; (e) the quality of any security available from the registered community housing provider; (f) the expected price of funds raised by Housing Australia bonds during the life of the loan; (g) whether the loan would complement, leverage or support other Commonwealth, State or Territory finance or activities; (h) the object of the Act and the limits set in the Act. 20 Benchmark return The Board must target an average return on its loans to registered community housing providers that allows it to: (a) cover the operating costs of the AHBA; and (b) build an adequate capital reserve in accordance with subsection 48(1) of the Act. 21 Risk level (1) In targeting the benchmark return for the AHBA, Housing Australia must seek to develop a portfolio that in aggregate has an acceptable but not excessive level of risk, having regard to the terms of the Act and the purpose of the AHBA. (2) Within 6 months of the commencement of this Direction, the Board must agree a suitable investment risk evaluation process to assess the AHBA risk, and must advise the Minister of the process chosen. Part 4—National Housing Infrastructure Facility 21AA Simplified outline of this Part The National Housing Infrastructure Facility The purpose of the NHIF is: (a) to overcome impediments to the provision of housing that are due to the lack of necessary infrastructure; and (b) to increase the availability of social and affordable housing, including crisis and transitional housing. The NHIF does this by providing finance for eligible infrastructure and housing projects that would not otherwise have proceeded, or that would only have proceeded at a much later date or with a lesser impact on new social or affordable housing (including new crisis and transitional housing). Division 1—Financing mechanisms and eligibility 21AB Applications for finance under the NHIF Housing Australia must consider an application from an entity for the making of a loan or grant under the NHIF if the application is made in the manner and form approved by Housing Australia. 21AC Eligibility for loans and grants Housing Australia must not make a loan or grant under the NHIF through which a project may be financed unless it is satisfied of the following matters: (a) the project proponent is eligible under section 22, 22A or 22BA; (b) the project is eligible under section 23; (c) the loan or grant is covered by paragraph 8(1A)(a), (b) or (c) of the Act; (d) in the case of a loan—the risk that the loan will not be repaid does not exceed an acceptable level. Note: Section 24 provides that a project may be financed under the NHIF through loans and grants. 21A Meaning of housing-enabling infrastructure projects, social or affordable housing projects and crisis and transitional housing projects (1) A housing-enabling infrastructure project is a project that: (a) would provide housing-enabling infrastructure; and (b) would not itself provide housing; and (c) would not provide community infrastructure, such as parks, day-care centres or libraries. (2) Housing-enabling infrastructure is: (a) critical infrastructure to support new housing (particularly new social or affordable housing, including crisis and transitional housing), incorporating new or upgraded infrastructure for services such as water, sewerage, electricity, telecommunications or transportation; or (b) site remediation works relating to new housing (particularly new social or affordable housing, including crisis and transitional housing), incorporating the removal of hazardous waste or contamination. (3) A social or affordable housing project is a project that would provide new social or affordable housing, including crisis and transitional housing (whether or not the project would also provide other types of new housing). (4) A crisis and transitional housing project is a social or affordable housing project that would provide new crisis and transitional housing (whether or not the project would also provide other types of new housing). (5) Crisis and transitional housing means short and medium-term housing provided for: (a) women or children (whether by themselves or in any combination) who are experiencing family violence; or (b) youth who are experiencing, or at particular risk of, homelessness. 22 Eligible project proponents for housing-enabling infrastructure projects (1) To be eligible for finance under the NHIF for a housing-enabling infrastructure project, a project proponent must be: (a) a State or Territory; or (b) a local governing body; or (c) a local government-owned investment corporation or utility provider that is a constitutional corporation; or (d) a State government-owned utility provider that forms part of the State or that is a constitutional corporation; or (e) a Territory government-owned utility provider that is a constitutional corporation; or (f) a registered community housing provider that is a constitutional corporation; or (g) an entity that is a housing-enabling infrastructure special purpose vehicle. (2) An entity is a housing-enabling infrastructure special purpose vehicle if: (a) it has a purpose of undertaking housing-enabling infrastructure projects; and (b) at least one of its members is an entity mentioned in paragraphs (1)(a) to (f). 22A Eligible project proponents for social or affordable housing projects (other than crisis and transitional housing projects) (1) To be eligible for finance under the NHIF for a social or affordable housing project (other than a crisis and transitional housing project), the project proponent must be: (a) a State or Territory; or (b) a local governing body; or (c) a local government-owned corporation (other than a utility provider) that is a constitutional corporation; or (d) a State government-owned corporation (other than a utility provider) that is a constitutional corporation; or (e) a Territory government-owned corporation (other than a utility provider) that is a constitutional corporation; or (f) a registered community housing provider that is a constitutional corporation; or (g) a social or affordable housing special purpose vehicle that is a constitutional corporation. Note: If the project proponent is a local governing body, the project may be financed only through a grant of financial assistance to a State or Territory: see subsection 24(6). (2) An entity is a social or affordable housing special purpose vehicle if: (a) it has a purpose of undertaking social or affordable housing projects (other than crisis and transitional housing projects); and (b) at least one of its members is an entity mentioned in paragraphs (1)(a) to (f). 22BA Eligible project proponents for crisis and transitional housing projects (1) To be eligible for finance under the NHIF for a social or affordable housing project that is a crisis and transitional housing project, the project proponent must be: (a) a State or Territory; or (b) a local governing body; or (c) a local government-owned corporation (other than a utility provider) that is a constitutional corporation; or (d) a State government-owned corporation (other than a utility provider) that is a constitutional corporation; or (e) a Territory government-owned corporation (other than a utility provider) that is a constitutional corporation; or (f) an entity that: (i) is a registered community housing provider; and (ii) is a registered charity; and (iii) is a constitutional corporation; or (g) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for Aboriginal or Torres Strait Islander people; and (ii) is a registered charity; or (h) a crisis and transitional housing special purpose vehicle that is a constitutional corporation. Note: If the project proponent is a local governing body, the project may be financed only through a grant of financial assistance to a State or Territory: see subsection 24(6). (2) An entity is a crisis and transitional housing special purpose vehicle if: (a) it has a purpose of undertaking crisis and transitional housing projects; and (b) at least one of its members is an entity mentioned in paragraphs (1)(a) to (g). 22B Identifying eligible project proponents Housing Australia must: (a) make reasonable efforts to identify entities in each State and Territory whose business or activities may be assisted or benefitted by being provided finance under the NHIF; and (b) promote the NHIF to such entities. 23 Eligible projects Finance under the NHIF must be provided for a project only if the project: (a) is: (i) a housing-enabling infrastructure project; or (ii) a social or affordable housing project; and (d) would be unlikely to proceed, or would be likely to proceed only at a much later date, or with a lesser impact on new social or affordable housing (including crisis and transitional housing), without finance under the NHIF. 24 Financing mechanisms (1) A project may be financed under the NHIF through: (a) one or more loans; or (c) one or more grants; or (d) any combination of any of the above. Loans (2) Housing Australia may provide, but is not limited to, the following loan concessions: (a) longer loan tenor than offered by Commercial Financiers; (b) lower interest rates than offered by Commercial Financiers; (c) extended periods of capitalisation of interest beyond construction completion; (d) deferral of loan repayments or other types of tailored loan repayment schedules; (e) lower or different fee structures than those offered by Commercial Financiers. (3) For a project proponent other than a State or Territory, Housing Australia must obtain security for any loan, at a level that is appropriate having regard to the risk to Housing Australia and the Commonwealth. Grants (5) Applications seeking grants and other forms of financing from the NHIF as part of a blended financing arrangement are to be preferred. Financing local governing bodies for social or affordable housing projects (6) If the project proponent for a social or affordable housing project is a local governing body, the project may be financed only through a grant of financial assistance to a State or Territory. Note: A term or condition for the grant of financial assistance may be that the State or Territory make a loan or grant to the local governing body. Division 2—Criteria for financing decisions 25 Matters to be considered when making financing decisions In making a financing decision under this Part, Housing Australia must have regard to the following: (a) the likely effect of the project on the supply and ongoing availability of social or affordable housing, including crisis and transitional housing; (b) the extent of any concession that it would be appropriate to offer; (c) the quality of the security available from the project proponent; (d) the credit-worthiness of the project proponent; (e) whether finance under the NHIF is needed to encourage private sector participation in financing the project; (f) whether finance under the NHIF would complement, leverage or support other Commonwealth, State or Territory finance or activities; (g) the object of the Act and the limits set in the Act; (h) where the project proponent is a housing enabling infrastructure special purpose vehicle, a social or affordable housing special purpose vehicle or a crisis and transitional housing special purpose vehicle—the extent to which its underlying eligible members will be involved in the project over its duration; (i) where the project is a crisis and transitional housing project—whether the project proponent has experience as a crisis and transitional housing support service provider, or will obtain the services of an experienced crisis and transitional housing support service provider; (j) where the project is a crisis and transitional housing project—whether an experienced crisis and transitional housing support service provider will participate in the ongoing management and operation of the project; (k) where the project is a crisis and transitional housing project—whether the project would address the specific needs of Aboriginal and Torres Strait Islander people with respect to crisis and transitional housing; (l) where the project is a crisis and transitional housing project—whether the financing decision would increase crisis and transitional housing on an equitable, as needs basis, across Australia (including in regional, rural and remote areas). 26 Matters to be considered when determining concessions (1) In determining any concession to be granted in making a financing decision under this Part, Housing Australia must have regard to the following: (a) the extent and mix of all concessions necessary for the project to proceed; (b) if the project is a housing-enabling infrastructure project—the extent of any public benefit that would result from the housing-enabling infrastructure; (ba) if the project is a social or affordable housing project—the extent of any public benefit that would result from the new housing; (c) the object of the Act and the limits set in the Act. (2) Housing Australia must limit the concessions offered to the minimum that it considers are needed for the project to proceed in the proposed timeframe. (3) Housing Australia may propose contract terms to ensure that the NHIF is not providing greater concessions than it considers are needed. 27 Benchmark rate of return The Board is to target an average return that allows it to at least maintain the minimum target value set under section 14. 28 Risk level (1) In targeting the benchmark return for the NHIF, Housing Australia must seek to develop a portfolio that in aggregate has an acceptable but not excessive level of risk, having regard to the terms of the Act and the purpose of the NHIF. (2) Within 6 months of the commencement of this Direction, the Board must agree a suitable investment risk evaluation process to assess the NHIF risk, and must advise the Minister of the process chosen. Division 3—General matters 28A Quarterly reporting to Minister in relation to NHIF (1) As soon as practicable after the end of: (a) the 3 months starting on 1 January 2023; and (b) each successive 3 months; Housing Australia must report to the Minister on the activities of Housing Australia under Divisions 1 and 2 during the 3 months. (2) Without limiting subsection (1), a report for 3 months must set out the following information in relation to each housing enabling infrastructure project or social or affordable housing project that Housing Australia decided, during the 3 months, to finance under the NHIF: (a) the project proponent of the project; (b) the location of the project; (c) the types of persons that would be assisted by the project; (d) the relative amounts of each of the following that would be provided by the project (allocated to each as most appropriate): (i) social housing (other than crisis and transitional housing); and (ii) affordable housing; and (iii) crisis and transitional housing; and (iv) other housing; (e) information about the financing for the project under the NHIF, including: (i) whether the financing is to be through a loan or grant, or through a combination of these types of financing; and (ii) details of each loan or grant for the project; (f) the level of financing for the project from sources other than the NHIF; (g) the expected completion date of the project. 28AB Crisis and transitional housing projects—initial apportionment of funding (1) Housing Australia must ensure, during the period starting on the day the Housing Australia Investment Mandate Amendment (2024 Measures No. 2) Direction 2024 commences (the commencement day) and ending 13 months after the commencement day, that it apportions funding for new social or affordable housing projects that are crisis and transitional housing projects on the basis of the State or Territory in which the new housing project would be located, as follows: (a) no more than $25 million may be payable for new housing projects in each of the Australian Capital Territory, the Northern Territory and Tasmania; (b) no more than $925 million may be payable for new housing projects in all States (other than Tasmania), with funding for new housing projects in those States being apportioned on a per capita basis. (2) In determining the per capita basis of apportionment for the purposes of paragraph (1)(b), Housing Australia must have regard to National, state and territory population, published by the Australian Statistician for the September 2023 reference period. Note: That publication could, in 2024, be viewed on the Australian Bureau of Statistics website (www.abs.gov.au). Part 4A—Housing Australia Future Fund Facility 28B Simplified outline of this Part The Housing Australia Future Fund Facility The purpose of the HAFFF is to: (a) increase the availability of social housing and affordable housing, and address acute housing needs; and (b) deliver the Government's commitment to support 30,000 dwellings available as social and affordable housing (20,000 social and 10,000 affordable) over 5 years; and (c) encourage private sector investment in projects that deal with these matters. The HAFFF does this by providing finance (loans and grants) for projects that increase the supply of social housing and affordable housing and that address acute housing needs across Australia, including in regional, rural and remote areas. Division 1—Financing mechanisms and eligibility 28C Applications for finance under the HAFFF Housing Australia must consider an application from an entity for the making of a loan or a grant under the HAFFF if the application is made in the manner and form approved by Housing Australia. 28D Eligibility for loans and grants Housing Australia must not make a loan or grant under the HAFFF through which a project may be financed unless it is satisfied of all of the following matters: (a) the project is a HAFFF project within the meaning of section 28E; (b) the project proponent is eligible under section 28F; (c) the loan or grant is covered by paragraph 8(1A)(a), (b) or (c) of the Act; (d) in the case of a loan—the risk that the loan will not be repaid does not exceed an acceptable level. Note: Section 28H provides that a project may be financed under the HAFFF through loans and grants. 28E HAFFF projects (1) A project is a HAFFF project if: (a) all dwellings proposed to be designed, constructed or made available under the project are wholly located in a particular State or Territory; and (b) if: (i) the project involves constructing new dwellings; and (ii) a development application or an application for building approval, as appropriate, for the project was lodged on or after 1 October 2023; the project proponent declares in the application mentioned in section 28C that the project is HAFFF construction compliant or will be when any newly constructed dwellings under the project are made available; and (c) one or both of the following apply: (i) the project increases available social housing or affordable housing, or both (whether or not the project would also increase available housing of other types); (ii) the project addresses acute housing needs (whether or not the project would also address housing needs of other types). (2) However, if the project proponent declares in their application that the project is HAFFF construction compliant, the project is only a HAFFF project if the proponent provides evidence to Housing Australia demonstrating the project is compliant. (3) If the project proponent declares in their application that the project will be HAFFF construction compliant when the dwellings under the project are made available, the project ceases to be a HAFFF project if: (a) the dwellings are made available under the project; and (b) the proponent fails to provide, as soon as reasonably practicable after the dwellings are made available, evidence to Housing Australia demonstrating the project is compliant. (4) A project is HAFFF construction compliant if each building constructed under the project complies with: (a) either: (i) the requirements for energy efficiency for houses and apartments in Parts H6 and J2 of the NCC; or (ii) if that is not reasonably practicable—the highest NCC energy efficiency requirements that are reasonably practicable; and (b) the standards in the NCC relating to livable housing design. (5) For subparagraph (4)(a)(i): (a) ignore any different versions of those Parts that might ordinarily apply in the State or Territory where the building is located; and (b) ignore any NCC energy efficiency requirements that relate specifically to climate zones 1 or 2, within the meaning of the NCC. (6) Paragraph (4)(b) applies regardless of whether the State or Territory in which the building is located requires compliance with those standards. 28F Eligible project proponents for HAFFF projects (1) To be eligible for finance under the HAFFF, the project proponent must be: (a) a State or Territory; or (b) a local governing body; or (c) a local-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (d) a State-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (e) a Territory-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (f) an entity that: (i) is a registered community housing provider; and (ii) is a registered charity; and (iii) is a constitutional corporation; or (g) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for Aboriginal or Torres Strait Islander people; and (ii) is a registered charity; or (h) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for members of the Australian Defence Force; and (ii) is a registered charity; or (i) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for former members of the Australian Defence Force; and (ii) is a registered charity; and (iii) is a constitutional corporation; or (j) an entity that: (i) is a HAFFF special purpose vehicle; and (ii) is a constitutional corporation. Note: If the project proponent is a local governing body, the project may be financed only through a grant of financial assistance to a State or Territory: see paragraph 28H(2)(b). (2) An entity is a HAFFF special purpose vehicle if: (a) it has a purpose of undertaking any of the following kinds of projects: (i) projects to increase available social housing or affordable housing, or both; (ii) projects to address acute housing needs; and (b) at least one of its members is an entity mentioned in paragraphs (1)(a) to (i). 28G Identifying eligible project proponents (1) Housing Australia must make reasonable efforts to identify, in each State and Territory (including in regional, rural and remote areas): (a) entities whose business or activities may be assisted or benefitted by being provided finance under the HAFFF; and (b) entities: (i) whose business or activities may include projects to increase available social housing or affordable housing in the short term; and (ii) that may be assisted or benefitted by being provided finance under the HAFFF in respect of such projects. (2) Housing Australia must promote the HAFFF to such entities. 28H Financing mechanisms (1) A project may be financed under the HAFFF through: (a) one or more loans; or (b) one or more grants; or (c) any combination of any of the above. (2) The loans and grants must: (a) unless paragraph (b) applies—be made to the project proponent; or (b) if the project proponent is a local governing body—be provided by way of a grant of financial assistance to a State or Territory. Note: A term or condition for the grant of financial assistance may be that the State or Territory make a loan or grant to the local governing body. (3) Housing Australia may provide, but is not limited to, the following loan concessions: (a) longer loan tenor than offered by Commercial Financiers; (b) lower interest rates (including no interest) than offered by Commercial Financiers; (c) extended periods of capitalisation of interest beyond project completion; (d) deferral of loan repayments or other types of tailored loan repayment schedules; (e) lower or different fee structures than those offered by Commercial Financiers. (4) For a project proponent other than a State or Territory, Housing Australia must obtain security for any loan, at a level that is appropriate having regard to the risk to Housing Australia and the Commonwealth. Division 2—Criteria for financing decisions 28J Matters to be considered when making financing decisions In making a financing decision under this Part, Housing Australia must have regard to the following: (a) the extent to which the financing decision would increase one or more of the following on an equitable, as needs basis across Australia (including in regional, rural and remote areas): (i) social housing; (ii) affordable housing; (iii) housing that addresses an acute housing need; (b) the likely effect of the project on the supply and ongoing availability of the types of housing referred to in paragraph (a); (c) whether housing proposed under the project: (i) is close to work, schools, transport and other amenities; and (ii) supports improved productivity and liveability; (d) the extent to which the project's workforce (whether or not employed directly by the project proponent) will support greater participation of apprentices, in particular female apprentices and female trade apprentices in the building and construction industries; (e) the extent of any concession that it would be appropriate to offer; (f) the extent to which financing the project would assist Housing Australia to achieve the outcome mentioned in section 10A; (g) whether finance under the HAFFF is needed to encourage private sector participation in financing the project; (h) whether finance under the HAFFF would complement, leverage or support other Commonwealth, State or Territory finance or activities; (i) any relevant report by or advice from the National Housing Supply and Affordability Council that: (i) is publicly available; and (ii) Housing Australia has disclosed to the project proponent; (j) the object of the Act and the limits set in the Act; (k) where the project proponent is a HAFFF special purpose vehicle—the extent to which its underlying eligible members will be involved in the project over its duration; (l) where the project proponent is a constitutional corporation—the extent to which the support would assist the corporation in the performance or development of its activities, functions, relationships or business; (m) whether the project will deliver value for money in terms of the following: (i) the amount of housing delivered; (ii) the extent to which it addresses unmet social housing or affordable housing needs, or unmet acute housing needs. 28K Matters to be considered when determining concessions In determining any concession to be granted in making a financing decision under this Part, Housing Australia must have regard to the following: (a) the extent and mix of all concessions necessary for the project to proceed; (b) the extent of any public benefit that would result from the housing under the project; (c) the object of the Act and the limits set in the Act. Division 3—General matters 28L Quarterly reporting to Minister in relation to the HAFFF (1) As soon as practicable, but in any case within 3 months, after the end of a reporting period, Housing Australia must report to the Minister on the activities of Housing Australia under Divisions 1 and 2 during the period. (2) The report for a reporting period must set out: (a) in relation to all projects that Housing Australia decided to finance under the HAFFF up to the end of the period—the following information: (i) the total number of projects; (ii) the total number of projects that provided social housing, affordable housing or addressed an acute housing need; (iii) the number of projects in each State and Territory; (iv) the number of projects that are complete, under development, in planning, or will not be completed; (v) the number of projects funded in regional, rural and remote areas across each State and Territory; (vi) the total amount of finance under the HAFFF provided in respect of those projects; and (b) in relation to each project that Housing Australia decided, during the period, to finance under the HAFFF— the following information: (i) the project proponent of the project; (ii) the Statistical Area Level 4 area in which the project is located; (iii) the types of persons that would be assisted by the project; (iv) the number and types of dwellings made available under the project; (v) whether the financing is to be through a loan or grant, or through a combination of these; (vi) details of each loan or grant for the project; (vii) the level of financing for the project under the HAFFF and from sources other than the HAFFF; (viii) the expected completion date of the project. (3) For a project that involves constructing new dwellings, if, within a reporting period, Housing Australia receives information that a project financed under the HAFFF: (a) is or is not HAFFF construction compliant; or (b) will or will not be HAFFF construction compliant at the time dwellings are made available under the project; Housing Australia must set out that information in the report for that period. (4) Subsections (2) and (3) do not limit other information that may be set out in the report. Reporting period (5) A reporting period is: (a) the period: (i) beginning on the day this section commences; and (ii) ending on the day before the first 1 January, 1 April, 1 July or 1 October to occur after that commencement; and (b) each successive 3 month period. 28M Liabilities under the HAFFF to be disregarded For the purposes of subsection 48(3) of the Act, the Board must disregard any likely liabilities or loans of Housing Australia that relate to the HAFFF. 28N Limits on making loans and grants for the purposes of this Part (1) For the purposes of subparagraph 13(c)(i) of the Act, this section specifies limits on making loans and grants under the HAFFF. Note: It is intended that the monetary limits specified in this section will be increased from time to time. Limits on loans (2) A loan made under the HAFFF must: (a) be a no interest loan to finance a HAFFF project that increases available social or affordable housing, or both; and (b) be made on or after 1 July 2024 and before 1 July 2029; and (c) be made only to a project proponent mentioned in paragraph 28F(1)(f), (g), (h) or (i). (3) The sum of all loans made under the HAFFF during the period specified in paragraph (2)(b) must not exceed $1.735 billion. Limits on grants (4) A grant made under the HAFFF must be either: (a) a recurring grant made over a period of 25 years to finance a HAFFF project that increases available social or affordable housing, or both (a HAFFF availability payment); or (b) a one-off grant to finance a HAFFF project that increases available social housing (a HAFFF upfront grant). (5) The annual limit for the sum of all HAFFF availability payments is: (a) for the 2024-25 financial year and each later financial year until the end of the 2028-29 financial year—$368 million; and (b) for the 2029-30 financial year and each later financial year—$368 million (as indexed annually in accordance with section 28NA). (6) The annual limit for the sum of all HAFFF upfront grants is: (a) for the 2024-25 financial year—$388 million; and (b) for each financial year after the 2024-25 financial year—$0. 28NA Indexing relevant amounts (1) The amount mentioned in paragraph 28N(5)(b) is to be indexed on the first day of each financial year, starting on 1 July 2029, by multiplying it by its indexation factor for 1 June in the preceding financial year. (2) The indexation factor for 1 June in a financial year is the number worked out as follows: Method statement Step 1. Add: (a) the index number for the quarter ending on 31 March in that financial year; and (b) the index numbers for the 3 quarters that immediately preceded that quarter. Step 2. Add: (a) the index number for the quarter ending on 31 March in the immediately preceding financial year; and (b) the index numbers for the 3 quarters that immediately preceded that quarter. Step 3. The indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2. (3) The indexation factor is to be worked out to 3 decimal places, rounding up if the fourth decimal place is 5 or more. (4) The amount mentioned in paragraph 28N(5)(b), after indexation, must be rounded to the nearest whole dollar, and, if the amount to be rounded is 50 cents, rounded down. Part 4B—National Housing Accord Facility 28P Simplified outline of this Part The National Housing Accord Facility The purpose of the NHAF is to: (a) increase the availability of affordable housing; and (b) deliver the Government's commitment to support 10,000 additional dwellings available as affordable housing; and (c) encourage private sector investment in projects that deal with affordable housing. The NHAF does this by providing finance (loans and grants) for projects that increase the supply of such dwellings across Australia, including in regional, rural and remote areas. Division 1—Financing mechanisms and eligibility 28Q Applications for finance under the NHAF Housing Australia must consider an application from an entity for the making of a loan or a grant under the NHAF if the application is made in the manner and form approved by Housing Australia. 28R Eligibility for loans and grants Housing Australia must not make a loan or grant under the NHAF through which a project may be financed unless it is satisfied of all of the following matters: (a) the project is a NHAF project within the meaning of section 28S; (b) the project proponent is eligible under section 28T; (c) the loan or grant is covered by paragraph 8(1A)(a), (b) or (c) of the Act; (d) in the case of a loan—the risk that the loan will not be repaid does not exceed an acceptable level. Note: Section 28V provides that a project may be financed under the NHAF through loans and grants. 28S NHAF projects (1) A project is a NHAF project if: (a) all dwellings proposed to be designed, constructed or made available under the project are wholly located in a particular State or Territory; and (b) if: (i) the project involves constructing new dwellings; and (ii) a development application or an application for building approval, as appropriate, for the project was lodged on or after 1 October 2023; the project proponent declares in the application mentioned in section 28Q that the project is NHAF construction compliant or will be when any newly constructed dwellings under the project are made available; and (c) the project increases the availability of affordable housing (whether or not the project would also increase available housing of other types). (2) However, if the project proponent declares in their application that the project is NHAF construction compliant, the project is only a NHAF project if the proponent provides evidence to Housing Australia demonstrating the project is compliant. (3) If the project proponent declares in their application that the project will be NHAF construction compliant when the dwellings under the project are made available, the project ceases to be a NHAF project if: (a) the dwellings are made available under the project; and (b) the proponent fails to provide, as soon as reasonably practicable after the dwellings are made available, evidence to Housing Australia demonstrating the project is compliant. (4) A project is NHAF construction compliant if each building constructed under the project complies with: (a) either: (i) the requirements for energy efficiency for houses and apartments in Parts H6 and J2 of the NCC; or (ii) if that is not reasonably practicable—the highest NCC energy efficiency requirements that are reasonably practicable; and (b) the standards in the NCC relating to livable housing design. (5) For subparagraph (4)(a)(i): (a) ignore any different versions of those Parts that might ordinarily apply in the State or Territory where the building is located; and (b) ignore any NCC energy efficiency requirements that relate specifically to climate zones 1 or 2, within the meaning of the NCC. (6) Paragraph (4)(b) applies regardless of whether the State or Territory in which the building is located requires compliance with those standards. 28T Eligible project proponents for NHAF projects (1) To be eligible for finance under the NHAF, the project proponent must be: (a) a State or Territory; or (b) a local governing body; or (c) a local-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (d) a State-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (e) a Territory-government-owned corporation (other than a utility provider) that is a constitutional corporation; or (f) an entity that: (i) is a registered community housing provider; and (ii) is a registered charity; and (iii) is a constitutional corporation; or (g) an entity that: (i) has the primary purpose of directly or indirectly improving housing outcomes for Aboriginal or Torres Strait Islander people; and (ii) is a registered charity; or (h) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for members of the Australian Defence Force; and (ii) is a registered charity; or (i) an entity that: (i) has the primary purpose of improving, directly or indirectly, housing outcomes for former members of the Australian Defence Force; and (ii) is a registered charity; and (iii) is a constitutional corporation; or (j) an entity that: (i) is a NHAF special purpose vehicle; and (ii) is a constitutional corporation. Note: If the project proponent is a local governing body, the project may be financed only through a grant of financial assistance to a State or Territory: see paragraph 28V(2)(b). (2) An entity is a NHAF special purpose vehicle if: (a) it has a purpose of undertaking projects that increase available affordable housing; and (b) at least one of its members is an entity mentioned in paragraphs (1)(a) to (i). 28U Identifying eligible project proponents (1) Housing Australia must make reasonable efforts to identify, in each State and Territory (including in regional, rural and remote areas): (a) entities whose business or activities may be assisted or benefitted by being provided finance under the NHAF; and (b) entities: (i) whose business or activities may include projects to increase available affordable housing in the short term; and (ii) that may be assisted or benefited by being provided finance under the NHAF in respect of such projects. (2) Housing Australia must promote the NHAF to such entities. 28V Financing mechanisms (1) A project may be financed under the NHAF through: (a) one or more loans; or (b) one or more grants; or (c) any combination of any of the above. (2) The loans and grants must: (a) unless paragraph (b) applies—be made to the project proponent; or (b) if the project proponent is a local governing body—be provided by way of a grant of financial assistance to a State or Territory. Note: A term or condition for the grant of financial assistance may be that the State or Territory make a loan or grant to the local governing body. (3) Housing Australia may provide, but is not limited to, the following loan concessions: (a) longer loan tenor than offered by Commercial Financiers; (b) lower interest rates (including no interest) than offered by Commercial Financiers; (c) extended periods of capitalisation of interest beyond construction completion; (d) deferral of loan repayments or other types of tailored loan repayment schedules; (e) lower or different fee structures than those offered by Commercial Financiers. (4) For a project proponent other than a State or Territory, Housing Australia must obtain security for any loan, at a level that is appropriate having regard to the risk to Housing Australia and the Commonwealth. Division 2—Criteria for financing decisions 28W Matters to be considered when making financing decisions In making a financing decision under this Part, Housing Australia must have regard to the following: (a) the extent to which the financing decision would increase affordable housing on an equitable, as needs basis across Australia (including in regional, rural and remote areas); (b) the likely effect of the project on the supply and ongoing availability of affordable housing; (c) whether housing proposed under the project: (i) is close to work, schools, transport and other amenities; and (ii) supports improved productivity and liveability; (d) the extent to which the project's workforce (whether or not employed directly by the project proponent) will support greater participation of apprentices, in particular female apprentices and female trade apprentices in the building and construction industries; (e) the extent of any concession that it would be appropriate to offer; (f) the extent to which financing the project would assist Housing Australia to achieve the outcome mentioned in section 10A; (g) whether finance under the NHAF is needed to encourage private sector participation in financing the project; (h) whether finance under the NHAF would complement, leverage or support other Commonwealth, State or Territory finance or activities; (i) any relevant report by or advice from the National Housing Supply and Affordability Council that: (i) is publicly available; and (ii) Housing Australia has disclosed to the project proponent; (j) the object of the Act and the limits set in the Act; (k) where the project proponent is a NHAF special purpose vehicle—the extent to which its underlying eligible members will be involved in the project over its duration; (l) where the project proponent is a constitutional corporation—the extent to which the support would assist the corporation in the performance or development of its activities, functions, relationships or business. (m) whether the project will deliver value for money in terms of either or both of the following: (i) the amount of housing delivered; (ii) the extent to which it addresses unmet affordable housing needs. 28X Matters to be considered when determining concessions In determining any concession to be granted in making a financing decision under this Part, Housing Australia must have regard to the following: (a) the extent and mix of all concessions necessary for the project to proceed; (b) the extent of any public benefit that would result from the housing under the project; (c) the object of the Act and the limits set in the Act. Division 3—General matters 28Y Quarterly reporting to Minister in relation to the NHAF (1) As soon as practicable, but in any case within 3 months, after the end of a reporting period, Housing Australia must report to the Minister on the activities of Housing Australia under Divisions 1 and 2 during the period. (2) The report for a reporting period must set out: (a) in relation to all projects that Housing Australia decided to finance under the NHAF up to the end of the period—the following information: (i) the total number of projects; (ii) the number of projects in each State and Territory; (iii) the number of projects that are complete, under development, in planning, or will not be completed; (iv) the number of projects funded in regional, rural and remote areas across each State and Territory; (v) the total amount of finance under the NHAF provided in respect of those projects; and (b) in relation to each project that Housing Australia decided, during the period, to finance under the NHAF—the following information: (i) the project proponent of the project; (ii) the Statistical Area Level 4 area in which the project is located; (iii) the types of persons that would be assisted by the project; (iv) the number and types of dwellings made available under the project; (v) whether the financing is to be through a loan or grant, or through a combination of these; (vi) details of each loan or grant for the project; (vii) the level of financing for the project under the NHAF and from sources other than the NHAF; (viii) the expected completion date of the project. (3) For a project that involves constructing new dwellings, if, within a reporting period, Housing Australia receives information that a project financed under the NHAF: (a) is or is not NHAF construction compliant; or (b) will or will not be NHAF construction compliant at the time dwellings are made available; Housing Australia must set out that information in the report for that period. (4) Subsections (2) and (3) do not limit other information that may be set out in the report. Reporting period (5) A reporting period is: (a) the period: (i) beginning on the day this section commences; and (ii) ending on the day before the first 1 January, 1 April, 1 July or 1 October to occur after that commencement; and (b) each successive 3 month period. 28Z Liabilities under the NHAF to be disregarded For the purposes of subsection 48(3) of the Act, the Board must disregard any likely liabilities or loans of Housing Australia that relate to the NHAF. 28ZA Limit on making loans and grants for the purposes of this Part (1) For the purposes of subparagraph 13(c)(i) of the Act, this section sets out limits on making loans and grants under the NHAF. Note: It is intended that the monetary limits specified in this section will be increased from time to time. Limits on loans (2) A loan made under the NHAF must: (a) be a no interest loan to finance a NHAF project that increases available affordable housing; and (b) be made on or after 1 July 2024 and before 1 July 2029; and (c) be made only to a project proponent mentioned in paragraph 28T(1)(f), (g), (h) or (i). (3) The sum of all loans made under the NHAF during the period specified in paragraph (2)(b) must not exceed $179 million. Limits on grants (4) A grant made under the NHAF must be a recurring grant made over a period of 25 years to finance a NHAF project that increases available affordable housing. (5) The annual limit for the sum of all grants made under the NHAF is: (a) for the 2024-25 financial year and each later financial year until the end of the 2028-29 financial year—$72 million; and (b) for the 2029-30 financial year and each later financial year—$72 million (as indexed annually in accordance with section 28ZAA). 28ZAA Indexing relevant amounts (1) The amount mentioned in paragraph 28ZA(5)(b) is to be indexed on the first day of each financial year, starting on 1 July 2029, by multiplying it by its indexation factor for 1 June in the preceding financial year. (2) The indexation factor for 1 June in a financial year is the number worked out as follows: Method statement Step 1. Add: (a) the index number for the quarter ending on 31 March in that financial year; and (b) the index numbers for the 3 quarters that immediately preceded that quarter. Step 2. Add: (a) the index number for the quarter ending on 31 March in the immediately preceding financial year; and (b) the index numbers for the 3 quarters that immediately preceded that quarter. Step 3. The indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2. (3) The indexation factor is to be worked out to 3 decimal places, rounding up if the fourth decimal place is 5 or more. (4) The amount mentioned in paragraph 28ZA(5)(b), after indexation, must be rounded to the nearest whole dollar, and, if the amount to be rounded is 50 cents, rounded down. Part 5—Capacity building assistance 28ZB Simplified outline of this Part Capacity building Housing Australia may provide business advisory services and other assistance in capacity building under this Part to registered community housing providers, including to further develop their financial and management capabilities. Housing Australia may enter into contracts with persons or entities to provide such assistance to registered community housing providers. 28ZC Applications for capacity building assistance Housing Australia must consider an application from an entity for the provision of business advisory services and other assistance in capacity building if: (a) the entity is a registered community housing provider; and (b) the application is made in the manner and form approved by Housing Australia. 28ZD Eligibility for capacity building assistance Housing Australia must not provide business advisory services and other assistance in capacity building to a registered community housing provider unless it is satisfied that the assistance is covered by paragraph 8(1C)(a) or (b) of the Act. 28ZE Matters to be considered when making capacity building decisions In deciding whether to provide business advisory services and other assistance in capacity building to a registered community housing provider, the Board must have regard to the extent to which the registered community housing provider requires assistance in one or more of the following areas for the purpose of supporting an application by the entity to Housing Australia for a loan, grant or guarantee: (a) finance; (b) business planning; (c) property development; (d) risk management. Part 5A—Home Guarantee Scheme 28ZF Simplified outline of this Part Home Guarantee Scheme This Part deals with the Home Guarantee Scheme. The Home Guarantee Scheme is made up of 4 different streams of guarantees. First Home Guarantee The purpose of the First Home Guarantee is to facilitate first home buyers, and buyers who have not held an ownership interest in Australian land in the last 10 years, entering into the housing market sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for loans to such home buyers with a deposit of between 5 and 20 per cent of the property's value. New Home Guarantee The New Home Guarantee is a part of the Home Guarantee Scheme that specifically relates to building a new dwelling or purchasing a newly built dwelling. The purpose of the New Home Guarantee is to support jobs in the residential construction sector and promote home ownership. It does this by allowing Housing Australia to issue up to an additional 10,000 guarantees for each of the 2020-21 and 2021-22 financial years for loans to first home buyers to purchase a newly built dwelling or build such a dwelling. Any unissued New Home Guarantees from 2020-21 can be rolled over into the 2021-22 financial year at the discretion of the responsible Minister; however unissued New Home Guarantees from 2021-22 cannot be rolled over into the following financial year. The New Home Guarantee stream is now closed, and further New Home Guarantees cannot be issued. Family Home Guarantee The Family Home Guarantee is a part of the Home Guarantee Scheme that specifically relates to single parents, or single legal guardians, with dependants, including those who are not first home buyers. The purpose of the Family Home Guarantee is to support such single parents, or single legal guardians, on a pathway to home ownership. It does this by allowing Housing Australia to issue up to an additional 5,000 guarantees for each of the 2022-23, 2023-24 and 2024-25 financial years to eligible single parents, or single legal guardians, with a deposit of between 2 and 20 per cent of the property's value. An eligible single parent, or single legal guardian, is not required to be a first home buyer at the time of entering into a loan under the Family Home Guarantee. However, at that time, they must not own property unless, stated broadly: ● they are selling that property at the same time as they are purchasing property under the Family Home Guarantee; or ● they are buying out the existing family home. The single parent, or single legal guardian, must meet the eligible lender's credit assessment criteria. Regional First Home Buyer Guarantee The purpose of the Regional First Home Buyer Guarantee is to help persons living in a regional area to purchase a home in that area. It does this by allowing Housing Australia to issue up to an additional 10,000 guarantees for each of the 2022-23, 2023-24 and 2024-25 financial years. Additional eligibility requirements relating to the area in which the home is located, and residency in the area, must be satisfied. Division 1—Eligibility 29 Application for guarantees Housing Australia must consider an application from an entity for the issuing of a guarantee if: (a) the entity is an eligible lender; and (b) the application is made in the manner and form approved by Housing Australia. 29A Eligibility for guarantees Housing Australia must not issue a guarantee to an entity unless it is satisfied that: (a) the guarantee is covered by subsection 8(1B) of the Act; and (b) the entity is an eligible lender; and (c) the guarantee is in relation to an eligible loan. 29B Eligible lender (1) An eligible lender, in relation to a guarantee issued during a particular financial year, is an entity approved by Housing Australia, for the purposes of this section, as an eligible lender for the financial year during which Housing Australia approved the issue of the guarantee. (2) Housing Australia must establish criteria and processes for the approval of entities as eligible lenders. (2A) Housing Australia may establish different criteria and processes in relation to the approval of eligible lenders for guarantees issued under each of sections 29I, 29IA, 29IB and 29IBA. (3) The criteria for the approval of entities as eligible lenders must include criteria which are directed at assessing all of the following matters: (a) an entity's standards of customer care, including treatment of borrowers in financial hardship; (b) the competitiveness of loan products offered by an entity, including interest rates and other fees; (c) the quality of an entity's loan origination processes and the associated level of financial risk to the Commonwealth; (d) the reputation of an entity; (e) the extent to which approval of an entity would promote competition in lending markets and related markets; (f) the extent to which the entities approved for a financial year, considered together, can undertake credit activities across Australia (including through other entities providing credit services). (5) In this section: credit activities has the same meaning as in the National Consumer Credit Protection Act 2009. credit service has the same meaning as in the National Consumer Credit Protection Act 2009. 29C Eligible loan (1) A loan is an eligible loan if: (a) subsection (2) or (4) applies; and (b) any criteria and processes established by Housing Australia for the approval of eligible loans are satisfied. (2) Subject to subsections (2A) and (2B), this subsection applies to a loan for which all of the following are satisfied at the time the loan agreement is entered into: (a) the loan is made by an eligible lender; (b) there are no more than two borrowers under the loan agreement; (d) each borrower under the loan agreement is an eligible home buyer; (e) the loan is for the purchase of residential property; (f) if the loan relates to the purchase of an interest in land on which a dwelling is not affixed, the loan also relates to the construction of a dwelling on the land; (g) the value of the residential property does not exceed the price cap for the area in which the property is located; (h) the residential property that is the subject of the loan is to be owner-occupied; (i) the loan-to-value ratio is between 80 and 95 per cent; (j) subject to subsection (3), the terms of the loan agreement require scheduled repayments of the principal of the loan for the full period of the agreement; (k) the loan agreement has a term of no more than 30 years; (l) for a Regional First Home Buyer Guarantee: (i) the residential property is located in a regional area; and (ii) at least one borrower under the loan agreement either, has lived throughout the previous 12 month period in the regional area or an adjacent regional area, or is covered by subsection (2AA). (2AA) The borrower is covered by this subsection if: (a) the borrower has lived during some of the previous 12 month period in the regional area or an adjacent regional area; and (b) it has been impracticable for the borrower to live in the regional area or an adjacent regional area for the remainder of that period because the borrower has, after having been employed by the same employer for at least 12 months, been required, by that employer, to relocate. (2A) For a New Home Guarantee, the requirements in paragraphs (2)(a) to (g) must instead be satisfied at the time the borrower or borrowers make an application for a loan, or when the contract to which the loan agreement relates is entered into (as relevant). Note: The requirements in paragraphs (2)(h) to (k) must be satisfied at the time the loan agreement is entered into. (2B) For a Family Home Guarantee, paragraphs (2)(b), (d) and (i) do not apply and the following requirements must be satisfied instead: (a) there is a single borrower under the loan agreement who will be the only registered owner of the property; (b) the borrower is an eligible single parent or an eligible single legal guardian; (c) the loan-to-value ratio is between 80 and 98 per cent. (3) For paragraph (2)(j), if the loan relates both to the purchase of an interest in land on which a dwelling is not affixed and to the construction of a dwelling on the land, the loan may be an eligible loan even if the terms of the loan agreement permit interest-only repayments for a specified period. (4) This subsection applies to a loan if: (a) the loan (the refinancing loan) is for the sole purpose of fully satisfying the obligations of a borrower or borrowers under an existing loan; and (b) Housing Australia has previously issued a guarantee under this Part relating to the existing loan; and (c) no claim has been made in respect of the guarantee; and (d) the guarantee remains in force until the refinancing loan is entered into. 29D Eligible home buyer, eligible single parent and eligible single legal guardian (1) Subject to subsection (2), a person is an eligible home buyer in relation to a loan if, at the time the loan agreement is entered into: (a) the person has not, in the last 10 years, held a freehold interest in real property in Australia, or a relevant interest in land; and (b) the person is at least 18 years of age and either an Australian citizen or a permanent resident; and (c) the person satisfies the income test. (2) For a New Home Guarantee, the requirements in subsection (1) must instead be satisfied at the time the person makes an application for a loan, or when the contract to which the loan agreement relates is entered into (as relevant). (3) A person is an eligible single parent in relation to a loan if, at the time the loan agreement is entered into: (a) the person either: (i) does not hold a freehold interest in real property in Australia; or (ii) does hold such an interest, but either: (A) intends not to after no more than 4 weeks from when they become the registered owner of the property that will be purchased with the loan; or (B) holds it as joint tenant or tenant in common in the property to which the loan relates, and intends to become the sole registered owner of the property as a result of the loan; and (aa) the person does not hold a relevant interest in land; and (b) the person is at least 18 years of age and either an Australian citizen or a permanent resident; and (c) the person satisfies the income test; and (d) the person is single; and (e) the person has at least one dependent child. (3A) A person is an eligible single legal guardian in relation to a loan if, at the time the loan agreement is entered into: (a) the person either: (i) does not hold a freehold interest in real property in Australia; or (ii) does hold such an interest, but either: (A) intends not to after no more than 4 weeks from when they become the registered owner of the property that will be purchased with the loan; or (B) holds it as joint tenant or tenant in common in the property to which the loan relates, and intends to become the sole registered owner of the property as a result of the loan; and (b) the person does not hold a relevant interest in land; and (c) the person is at least 18 years of age and either an Australian citizen or a permanent resident; and (d) the person satisfies the income test; and (e) the person is single; and (f) the person is the legal guardian of at least one dependent child. (4) For this section, a person is single if: (a) the person does not have a spouse; and (b) the person does not have a de facto partner. (5) For this section, a person is a dependent child of a second person (the adult) if: (a) the adult is a natural or adoptive parent of the person; and (b) either: (i) the person is a dependent child of the adult within the meaning of subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991; or (ii) the person: (B) is in receipt of a disability support pension within the meaning of the Social Security Act 1991; and (C) lives with the adult. (6) For this section, a relevant interest in land is: (a) a lease of land in Australia (including a renewal or extension of such a lease) as described in paragraph 104-115(1)(b) of the Income Tax Assessment Act 1997; or (b) a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) in land in Australia. 29E Income test A person satisfies the income test at the time of entering into a loan agreement if: (a) where there is more than one borrower under the loan agreement—the combined taxable income (within the meaning of the Income Tax Assessment Act 1997) of the borrowers in the preceding income year did not exceed $200,000; or (b) otherwise—the taxable income of the person (within the meaning of the Income Tax Assessment Act 1997) in the preceding income year did not exceed $125,000. Note: Under paragraph 29C(2)(b), an eligible loan may not have more than two borrowers under the loan agreement. 29F Price cap (1) For the purposes of paragraph 29C(2)(g), for a loan that is not subject to a New Home Guarantee, the price cap for the area in which a residential property is located is the amount set out in the following table. Price Cap for an area Item Area Price cap 1 New South Wales—capital city and regional centre $900,000 2 New South Wales—other $750,000 3 Victoria—capital city and regional centre $800,000 4 Victoria—other $650,000 5 Queensland—capital city and regional centre $700,000 6 Queensland—other $550,000 7 Western Australia—capital city $600,000 8 Western Australia—other $450,000 9 South Australia—capital city $600,000 10 South Australia—other $450,000 11 Tasmania—capital city $600,000 12 Tasmania—other $450,000 13 Australian Capital Territory $750,000 14 Northern Territory $600,000 15 Jervis Bay Territory and Norfolk Island $550,000 16 Christmas Island and Cocos (Keeling) Islands $400,000 (2A) For the purposes of paragraph 29C(2)(g), for a loan that is subject to a New Home Guarantee, the price cap for the area in which a residential property is located is the amount set out in the following table. Price Cap for an area Item Area Price cap 1 New South Wales—capital city and regional centre $950,000 2 New South Wales—other $600,000 3 Victoria—capital city and regional centre $850,000 4 Victoria—other $550,000 5 Queensland—capital city and regional centre $650,000 6 Queensland—other $500,000 7 Western Australia—capital city $550,000 8 Western Australia—other $400,000 9 South Australia—capital city $550,000 10 South Australia—other $400,000 11 Tasmania—capital city $550,000 12 Tasmania—other $400,000 13 Australian Capital Territory $600,000 14 Northern Territory $550,000 15 Jervis Bay Territory and Norfolk Island $600,000 16 Christmas Island and Cocos (Keeling) Islands $400,000 29G Housing Australia may rely on information Housing Australia may rely on information supplied by an eligible lender, a borrower, or a third party, that has a relevant role in the issue and administration of a guarantee under this Part. Division 2—Requirements for guarantees 29H Form of guarantee When guarantee becomes payable (1) A guarantee issued by Housing Australia may only cover a payment where there is a balance owing on the guaranteed loan following the application of the proceeds of sale by the lender that was as a consequence of the default by the borrower under the terms of the loan contract. Limit on amount of guarantee (2) Where subsection (1) applies, the amount payable under a guarantee issued by Housing Australia is an amount equal to the lesser of: (a) the money owed to the lender under the loan agreement after the proceeds of the sale of the residential property that is the subject of the loan have been applied; and (b) the amount worked out using the following formula: A – B where: A is 20 per cent of the value of the residential property that is the subject of the eligible loan. B is the deposit paid by the borrower or borrowers under the loan agreement. Cessation of guarantee (3) Subject to subsection (4), the terms of a guarantee issued by Housing Australia under this Part must provide for the guarantee to cease when the balance of the loan becomes less than 80 per cent of the value of the residential property. (4) However, subsection (3) does not require the guarantee to cease where the proceeds of the sale by the lender that was as a consequence of default by the borrower are applied against the loan resulting in the balance of the loan being 80 per cent or less than the value of the residential property. (5) The terms of a guarantee issued by Housing Australia under this Part must provide for the guarantee to cease if: (a) the residential property the subject of the loan is used other than as an owner-occupied premises, unless paragraphs 29K(3)(a), (b), (c) and (d) apply in relation to the loan and the property; or (b) the person: (i) is an eligible single parent as a result of sub-subparagraph 29D(3)(a)(ii)(A) or an eligible single legal guardian as a result of sub-sub paragraph 29D(3A)(a)(ii)(A); and (ii) more than 4 weeks from when they became the registered owner of the property that was purchased with the loan, still holds a freehold interest in other real property in Australia. 29I First home guarantees Limit on guarantees in a financial year (1) For each financial year, Housing Australia must not issue more than the number of guarantees worked out under subsection (2). (2) The limit on the number of guarantees for a financial year is the sum of: (a) 35,000; and (b) the number of unissued guarantees from the previous financial year determined by the Minister under subsection (3). (3) The Minister may determine, in a written notice given to Housing Australia, that any unissued guarantees covered by subsection (5) in a financial year may be issued in the following financial year. (4) The power in subsection (3) applies to unissued guarantees from the 2019-20 financial year. (5) For subsection (3), the unissued guarantees in a financial year are the number of unissued guarantees from the limit set out in paragraph (2)(a). (6) In making a determination under subsection (3), the Minister must take into account the performance of the First Home Guarantee, and any unique circumstances influencing the uptake of guarantees under the First Home Guarantee. (7) The total number of guarantees issued to major banks in the 2021-22 financial year or an earlier financial year must not exceed: (a) 17,500; and (b) if a determination has been made under subsection (3)—50 per cent of the guarantees covered by that determination. Additional guarantees for the 2021-22 financial year (7A) Despite subsections (2) and (7), for the 2021-22 financial year: (a) the limit on the number of guarantees for that year is 14,651; and (b) the total number of guarantees issued to major banks for that year must not exceed 7,325. Housing Australia must notify Minister (8) On the 100th day after the end of a financial year (or as otherwise directed by the Minister in writing), Housing Australia must notify the Minister, in writing, of the number of guarantees that were unissued in the financial year. (9) The notice under subsection (8) must include a detailed breakdown of the unissued guarantees as assessed at the time of the notice, including: (a) the number that were unissued; and (b) whether the unissued guarantees related to a major bank or other eligible lender; and (c) whether the unissued guarantees are reserved, or lapsed or expired; and (d) any other information requested in writing by the Minister. Counting of guarantees (10) For the purposes of this section: (a) subject to subsection (11), a guarantee is issued in the financial year during which its issue is approved by Housing Australia, even if the arrangement relating to the guarantee is entered into in a later financial year; and (b) a guarantee issued in relation to a loan that satisfies subsection 29C(4) is disregarded. (11) Paragraph (10)(a) does not apply to unissued guarantees that are the subject of a determination under subsection (3). Guarantees may not be rolled over other than under subsection (3) (12) To avoid doubt, unissued guarantees from a financial year may not be rolled over to a future financial year, other than as determined by the Minister under subsection (3). 29IA New Home Guarantees Additional guarantees for the 2020-21 financial year (1) In addition to the guarantees that Housing Australia may issue under section 29I, 29IB or 29IBA, Housing Australia may issue up to an additional 10,000 guarantees (New Home Guarantees) in the 2020-21 financial year, in relation to loans that meet the requirements of subsection (3) (as the case requires). (2) The total number of New Home Guarantees issued to major banks in the 2020-21 financial year must not exceed 5,000. Additional guarantees for the 2021-22 financial year (2A) In addition to the guarantees that Housing Australia may issue under: (a) section 29I or 29IB; or (b) subsections (1) or (4) (the earlier guarantees); Housing Australia may issue up to an additional 10,000 guarantees (also New Home Guarantees) in the 2021-22 financial year, in relation to loans that meet the requirements of subsection (3) (as the case requires). (2B) The total number of New Home Guarantees issued to major banks in the 2021-22 financial year must not exceed: (a) 5,000; and (b) if a determination has been made under subsection (4)—50 per cent of the guarantees covered by that determination. Requirements for New Home Guarantees (3) For subsection (1), the following requirements (as relevant) must be satisfied at the time the loan agreement is entered into: (a) the loan relates to the building or purchase of a newly built dwelling; and (b) where the loan relates to the purchase of an interest in land and the construction of a newly built dwelling on the land: (i) if it is more than 90 days after the eligible lender gave notice of approval by Housing Australia for the issue of a guarantee—the borrower or borrowers have entered into a construction contract; and (ii) if it is more than 12 months after the date the construction contract was entered into—the construction of the dwelling has commenced; and (iii) if it is more than 24 months after construction commenced—construction of the dwelling has been completed. (c) where the loan relates to the purchase of a newly built dwelling that is off-the-plan: (i) if it is more than 90 days after the eligible lender gave notice of approval by Housing Australia for the issue of a guarantee—the borrower or borrowers have entered into a contract of sale; and (ii) if construction of the dwelling had not commenced on or before the date that the contract of sale was entered into (the contract date), and it is more than 12 months after the contract date—construction of the dwelling has commenced; and (iii) if subparagraph (ii) applies, and it is more than 24 months after construction commenced—construction of the dwelling has been completed; and (iv) if construction of the dwelling commenced on or before the contract date, and it is more than 24 months after the contract date—construction of the dwelling has been completed. Note 1: The requirements in subsection (3) relate to the issue of a New Home Guarantee by Housing Australia. These requirements (as relevant) must be satisfied at the time the loan agreement is entered into and the New Home Guarantee is issued. Each requirement must only be satisfied to the extent that it applies in a particular case. The requirements do not affect the validity of a New Home Guarantee once issued (for example, if a requirement that had not arisen before entering into a loan agreement fails to be satisfied after the guarantee is issued). Note 2: Guarantees may also be issued under section 29I for loans that meet the requirements of paragraph (a) and paragraph (b) or (c) (see subsections (14) and (15)). However, New Home Guarantees are subject to a different price cap (see subsection 29F(2A)). Roll-over to 2021-22 financial year (4) The Minister may determine, in a written notice given to Housing Australia, that any unissued New Home Guarantees in the 2020-21 financial year, other than those to which subsection (5) applies, may be issued in the 2021-22 financial year. (5) This subsection applies to guarantees that have been approved by Housing Australia relating to loans where, at the relevant time, all relevant requirements in paragraphs (3)(b) and (c) have been satisfied. (6) In making a determination under subsection (4), the Minister must take into account the performance of the New Home Guarantee, and any unique circumstances influencing the uptake of New Home Guarantees. Housing Australia must notify Minister (8) On the 100th day after the end of the 2020-21 financial year (or as otherwise directed by the Minister in writing), Housing Australia must notify the Minister, in writing, of the number of New Home Guarantees that were unissued in the financial year. (9) The notice under subsection (8) must include a detailed breakdown of the unissued New Home Guarantees as assessed at the time of the notice, including: (a) the number that were unissued; and (b) whether the unissued guarantees related to a major bank or other eligible lender; and (c) whether the unissued guarantees are reserved, or lapsed or expired; and (d) the details of any guarantees to which subsection (5) applies; and (e) any other information requested in writing by the Minister. Counting of New Home Guarantees (10) For the purposes of this section: (a) subject to subsection (11), a New Home Guarantee is issued in the financial year during which its issue is approved by Housing Australia, even if the arrangement relating to the guarantee is entered into in a later financial year; and (b) a New Home Guarantee issued in relation to a loan that satisfies subsection 29C(4) is disregarded. (11) Paragraph (10)(a) does not apply to unissued guarantees that are the subject of a determination under subsection (4). Guarantees may not be rolled over other than under subsection (4) (12) To avoid doubt, unissued New Home Guarantees from the 2020-21 financial year may not be rolled over to the 2021-22 financial year, other than as determined by the Minister under subsection (4) (12A) To avoid doubt, unissued New Home Guarantees from the 2021-22 financial year may not be rolled over to the 2022-23 financial year. New Home Guarantees cannot be issued after the 2021-22 financial year (13) Housing Australia must not issue any New Home Guarantees after the 2021-22 financial year. 29IB Family Home Guarantees Additional guarantees for each of the financial years 2022-23 to 2024-25 (1) In addition to the guarantees that Housing Australia may issue under section 29I, 29IA or 29IBA, Housing Australia may issue up to an additional 5,000 guarantees (Family Home Guarantees) for each of the 2022-23, 2023-24 and 2024-25 financial years. Counting of Family Home Guarantees (2) For the purposes of this section: (a) a Family Home Guarantee is issued in the financial year during which its issue is approved by Housing Australia, even if the arrangement relating to the guarantee is entered into in a later financial year; and (b) a Family Home Guarantee issued in relation to a loan that satisfies subsection 29C(4) is disregarded. 29IBA Regional First Home Buyer Guarantees Additional guarantees for the 2022-23 financial year (1) In addition to the guarantees that Housing Australia may issue under section 29I, 29IA or 29IB, Housing Australia may issue up to 10,000 additional guarantees (Regional First Home Buyer Guarantees) for the 2022-23 financial year. Additional guarantees for the 2023-24 and 2024-25 financial years (2) In addition to the guarantees that Housing Australia may issue under section 29I, 29IA or 29IB, Housing Australia may issue additional guarantees (Regional First Home Buyer Guarantees) for each of the 2023-24 and 2024-25 financial years. (3) The total number of additional guarantees that may be issued for a financial year under subsection (2) must not exceed the sum of the following: (a) 10,000; (b) the number determined under paragraph (4)(b) for the financial year. Roll over of guarantees to next financial year (4) If a number of Regional First Home Buyer Guarantees that could have been issued for the 2022-23 financial year under subsection (1), or for the 2023-24 financial year under subsection (2), were not issued under that subsection for that financial year: (a) Housing Australia must notify the Minister of the number of the guarantees for that financial year that were not issued; and; (b) the Minister may determine, by written notice given to Housing Australia, the number of those guarantees that may be issued for the next financial year. Note: A determination cannot be made in relation to guarantees not issued for the 2024-25 financial year. (5) In making a determination under paragraph (4)(b), the Minister must take into account the performance of the Regional First Home Buyer Guarantee, and any unique circumstances influencing the uptake of Regional First Home Buyer Guarantees. (6) Notification for the purposes of paragraph (4)(a): (a) must be given, in writing, on the 100th day after the end of the financial year (or as otherwise directed by the Minister in writing); and (b) must include a detailed breakdown of the guarantees that were not issued for the financial year, as assessed at the time of giving the notice, including: (i) the number of guarantees that were not issued; and (ii) the respective numbers of those guarantees that are reserved, lapsed and expired; and (iii) any other information requested in writing by the Minister. Counting of Regional First Home Buyer Guarantees (7) For the purposes of this section: (a) subject to subsection (8), a Regional First Home Buyer Guarantee is issued for the financial year during which its issue is approved by Housing Australia, even if the arrangement relating to the guarantee is entered into in a later financial year; and (b) a Regional First Home Buyer Guarantee issued in relation to a loan that satisfies subsection 29C(4) is disregarded. (8) Paragraph (7)(a) does not apply to guarantees that are the subject of a determination under paragraph (4)(b). 29IC Interaction between sections 29I, 29IA, 29IB and 29IBA (1) None of sections 29I, 29IA, 29IB and 29IBA (the limiting sections) limits the types of guarantees that may be issued under another limiting section. (2) If a guarantee could, taking account of the eligible lender's credit assessment and the limits on numbers for the relevant limiting sections, be issued under one or more of the limiting sections, the following rules apply: (a) if it could be issued under section 29IA, 29IB or 29IBA: (i) it may not be issued under section 29I; and (ii) if it could be issued under more than one of sections 29IA, 29IB and 29IBA—Housing Australia may determine which of those sections it is to be issued under; (b) if it could not be issued under any of sections 29IA, 29IB and 29IBA—it may be issued under section 29I. 29J Housing Australia must not charge fees Housing Australia must not charge fees for the issue of a guarantee under this Part. Division 3—Other matters 29JA Scheme Rules (1) Housing Australia must, in writing, make rules and policies (the scheme rules) for the operation of the Home Guarantee Scheme, including separately providing for the operation of: (a) the First Home Guarantee; and (b) the New Home Guarantee; and (c) the Family Home Guarantee; and (d) the Regional First Home Buyer Guarantee. (2) Housing Australia must consult the Minister before making or amending the scheme rules. (3) For the purposes of consulting the Minister, Housing Australia must provide a copy of the proposed scheme rules to the Minister at least 15 business days (or a shorter period notified by the Minister to Housing Australia in writing) before the earlier of the rules: (a) coming into effect; or (b) being publicly released. (4) If Housing Australia fails to consult the Minister before making or amending the scheme rules in accordance with subsections (2) and (3), the Board of Housing Australia must, within 30 days following the period set out in subsection (3), provide a written explanation to the Minister setting out the reasons for the failure to consult with the Minister. Note: The criteria and processes referred to in paragraph 29C(1)(b) include the scheme rules. (5) On making an amendment to the scheme rules, Housing Australia must provide a copy of the scheme rules as amended to the Minister no later than the day the first of the amendments come into effect. 29K Principles for the operation of the Home Guarantee Scheme (1) Housing Australia must operate the Home Guarantee Scheme in a manner that seeks to: (a) maximise the integrity of the Home Guarantee Scheme; and (aa) ensure that a proportion of guarantees issued under the First Home Guarantee in the 2022-23 financial year or a later financial year are issued to eligible lenders that are not major banks; and (b) subject to subsection (3), prevent residential properties from being used other than as owner-occupied residences; and (c) encourage and incentivise borrowers to repay loans as soon as possible; and (d) ensure that eligible home buyers, eligible single parents and eligible single legal guardians have used the maximum amount of their savings as a deposit, subject to the credit policies of their eligible lenders; and (e) minimise the quantum of payouts under guarantees issued under the Home Guarantee Scheme, in accordance with industry best practice (including practices applied to loans with parental guarantees); and (f) monitor the status of guaranteed loans to identify when there is a significant likelihood of a borrower defaulting on their obligations under a loan; and (g) minimise the cost of guaranteed loans to borrowers. (2) Subsection (1) does not limit the powers of Housing Australia to administer the Home Guarantee Scheme in a responsible and commercial manner, consistently with the requirements of this Part. (3) Despite paragraph (1)(b), Housing Australia must not seek to prevent a particular residential property from being used other than as an owner-occupied residence where: (a) a loan that was guaranteed under the Home Guarantee Scheme was used to purchase the property; and (b) after the time the loan agreement was entered into, the property had been used as an owner-occupied residence; and (c) the owner-occupier, or one of the owner-occupiers: (i) has, after having been employed by the same employer for at least 12 months, been required, by that employer, to relocate; or (ii) suffers from an illness that Housing Australia considers to be serious; or (iii) has carer responsibilities for a person who suffers from such an illness; and (d) as a result, Housing Australia is satisfied that it is impracticable for the property to continue to be used as an owner-occupied residence. 29L Reporting (1) As soon as practicable after the end of each successive 6 month period commencing on 1 January 2020, Housing Australia must report to the Minister on: (a) the status of each guarantee issued under the Home Guarantee Scheme; and (b) the operating costs of the Home Guarantee Scheme; and (ba) Housing Australia's operating expenses for the Home Guarantee Scheme, including itemised details of expenditure on: (i) its directors; and (ii) its employees; and (iii) its consultants; and (iv) information technology systems; and (v) other significant expenditure; and (bb) the performance of loans in relation to which a guarantee has been issued, including information on: (i) the number of loans in arrears, and the amount of those arrears; and (ii) repayment progress; and (iii) applicable interest rates; and (c) the total value of guarantees issued under the Home Guarantee Scheme; and (ca) a summary of the data and information collected by Housing Australia under subsection (3) in relation to the 6 month period; and (d) any other information requested by the Minister. (2) A report under subsection (1) must separately include the matters listed in paragraphs (a), (b), (ba), (bb), (c) and (ca) in relation to First Home Guarantees, New Home Guarantees, Family Home Guarantees and Regional First Home Buyer Guarantees. (3) Housing Australia must collect data and information that would be of assistance in an evaluation of whether the Home Guarantee Scheme is effective in facilitating home buyers who are able to benefit from the scheme entering into the housing market sooner, including data and information about: (a) changes in the behaviour of such home buyers induced by the scheme; and (b) the effectiveness of the scheme in relation to different types of buyers. Part 6—General governance matters 30 Reasons for decisions (1) This section applies when an entity has made a financing application to Housing Australia. (2) Where it is practicable to do so, Housing Australia should provide reasons to the entity for making a financing decision, or a decision not to provide finance, in respect of the application. 31 Good corporate citizenship (1) Housing Australia must have regard to Australian best practice government governance principles, and Australian best practice corporate governance for Commercial Financiers, when performing its functions, including developing and annually reviewing policies with regard to: (a) environmental issues; and (b) social issues; and (c) governance issues. (2) Housing Australia must ensure as far as practicable that financing decisions, and decisions not to provide finance, are made in a timely way so as to minimise costs to the project proponent. 32 Transparency of operations (1) Housing Australia must publish the following guidance on its website: (a) the format in which a financing application under the AHBA, NHIF, HAFFF or NHAF is to be provided to Housing Australia; (b) the process Housing Australia will follow when making financing decisions; (c) any other matters Housing Australia considers necessary. (2) Within 6 months of making a financing decision under the NHIF, the HAFFF or the NHAF, Housing Australia must publish the following information relating to the decision on Housing Australia's website, subject to commercial confidentiality: (a) the name of the project proponent; (b) the goods or services involved; (c) the location of the project; (d) the financing mechanism used; (e) the amount of the financing mechanism. 33 Reputation Housing Australia must not act in a way that is likely to cause damage to the Australian Government's reputation, including its reputation in Australian and international financial markets. 34 Approval needed if liabilities to exceed the prescribed amount (1) The Board must not enter into a transaction which would result in the sum of: (a) the total guaranteed liabilities of Housing Australia; and (b) the current value of the AHBA reserve; exceeding $26 billion. (2) In this section: total guaranteed liabilities of Housing Australia, at a particular time, means the sum of the current values of all amounts that are, or can be as a consequence of current liabilities of Housing Australia (other than guarantee liabilities) expected to be: (a) payable to a person other than the Commonwealth; and (b) guaranteed by the Commonwealth under section 51 of the Act. 35 Restriction on issuing bonds in offshore markets Housing Australia must not issue bonds in an offshore market before 1 July 2023. Part 7—Application, savings and transitional provisions Division 1—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Home Guarantee Scheme) Direction 2022 36 Application of amendments The amendments made by Part 2 of Schedule 1 to the National Housing Finance and Investment Corporation Investment Mandate Amendment (Home Guarantee Scheme) Direction 2022 apply to the issue of guarantees for the 2022-23 financial year and later financial years. Division 2—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022 37 Application of paragraph 29L(1)(ca) Paragraph 29L(1)(ca), as inserted by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022, applies to a report for a 6 month period commencing on or after 1 July 2022. Division 3—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Price Cap Update) Direction 2022 38 Application of subsection 29F(1) Subsection 29F(1), as amended by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Price Cap Update) Direction 2022, applies to financial years starting on or after 1 July 2022. Division 4—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Social and Affordable Housing) Direction 2022 39 Application of amendments The repeal of subsection 23A(2) of this Direction made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Social and Affordable Housing) Direction 2022 applies in relation to periods of 3 months starting on or after 1 January 2023. Division 5—Amendments made by the National Housing Finance and Investment Corporation Investment Mandate Amendment (Enhancing the Home Guarantee Scheme) Direction 2023 40 Application of amendments (1) The amendments made by Schedule 1 to the National Housing Finance and Investment Corporation Investment Mandate Amendment (Enhancing the Home Guarantee Scheme) Direction 2023 apply to guarantees issued on or after the day that Schedule commences. (2) The amendments made by Schedule 2 to the National Housing Finance and Investment Corporation Investment Mandate Amendment (Enhancing the Home Guarantee Scheme) Direction 2023 apply to guarantees issued on or after the day that Schedule commences. Division 6—Amendments made by the Housing Australia Investment Mandate Amendment (Social Housing, Affordable Housing and Acute Housing Needs) Direction 2023 41 Application of amendments The amendments of this Direction made by Part 2 of Schedule 3 to the Housing Australia Investment Mandate Amendment (Social Housing, Affordable Housing and Acute Housing Needs) Direction 2023 apply in relation to applications for the making of a loan or grant, the issuing of a guarantee or assistance in capacity building made: (a) on or after the commencement of that Part; or (b) before the commencement of that Part where no decision has been made before commencement by Housing Australia about whether to make a loan or grant, issue a guarantee, or provide assistance in capacity building. Division 7—Amendments made by the Housing Australia Investment Mandate Amendment (2024 Measures No. 2) Direction 2024 42 Application of amendments As soon as practicable after the commencement of Schedule 1 to the Housing Australia Investment Mandate Amendment (2024 Measures No. 2) Direction 2024, Housing Australia must allocate all assets and liabilities of the Permanent Fund to each of the sub-funds as specified in subsection 13(2) of the Direction. Division 8—Transitional rule—HAFFF round 2 applications 43 Transitional—applications made on or after commencement and before 1 March 2025 (1) This section applies in relation to an application made on or after the commencement day, and before 1 March 2025, for the making of a loan or grant under the HAFFF. (2) However, this section does not apply to an application made on or after the commencement day, and before 1 March 2025, if: (a) the application relates to another application (the earlier application) that was made before the commencement day; and (b) the earlier application is still being considered by Housing Australia at the time the application is made. (3) Despite section 28C, Housing Australia must not consider an application from an entity for the making of a loan or grant under the HAFFF unless the entity is, or is applying together with: (a) a State or Territory (paragraph 28F(1)(a)); or (b) a State-government-owned corporation (other than a utility provider) that is a constitutional corporation (paragraph 28F(1)(d)); or (c) a Territory-government-owned corporation (other than a utility provider) that is a constitutional corporation (paragraph 28F(1)(e)). (4) In this section: commencement day means the day on which the Housing Australia Investment Mandate Amendment (2024 Measures No. 3) Direction 2024 commences. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated into the compiled law through an editorial change made under section 15V of the Legislation Act 2003. If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and"(md not incorp)" is added to the amendment history. Endnote 2—Abbreviation key ad = added or inserted orig = original am = amended par = paragraph(s)/subparagraph(s) amdt = amendment /sub‑subparagraph(s) c = clause(s) pres = present C[x] = Compilation No. x prev = previous Ch = Chapter(s) (prev…) = previously def = definition(s) Pt = Part(s) Dict = Dictionary r = regulation(s)/rule(s) disallowed = disallowed by Parliament reloc = relocated Div = Division(s) renum = renumbered exp = expires/expired or ceases/ceased to have rep = repealed effect rs = repealed and substituted F = Federal Register of Legislation s = section(s)/subsection(s) gaz = gazette Sch = Schedule(s) LA = Legislation Act 2003 Sdiv = Subdivision(s) LIA = Legislative Instruments Act 2003 SLI = Select Legislative Instrument (md not incorp) = misdescribed amendment SR = Statutory Rules cannot be given effect Sub‑Ch = Sub‑Chapter(s) mod = modified/modification SubPt = Subpart(s) No. = Number(s) underlining = whole or part not o = order(s) commenced or to be commenced Ord = Ordinance Endnote 3—Legislation history Name Registration Commencement Application, saving and transitional provisions National Housing Finance and Investment Corporation Investment Mandate Direction 2018 3 Jul 2018 (F2018L00994) 4 July 2018 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (First Home Loan Deposit Scheme) Direction 2019 11 Nov 2019 (F2019L01436) 12 Nov 2019 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (New Home Guarantee) Direction 2020 6 Oct 2020 (F2020L01285) 6 Oct 2020, immediately after 7:32pm Australian Eastern Daylight Time (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Family Home Guarantee) Direction 2021 1 July 2021 (F2021L00912) 1 July 2021 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (More Opportunities) Direction 2022 20 Jan 2022 (F2022L00054) 21 Jan 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Home Guarantee Scheme) Direction 2022 12 April 2022 (F2022L00593) 1 July 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022 12 April 2022 (F2022L00592) 1 July 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Price Cap Update) Direction 2022 11 April 2022 (F2022L00585) 1 July 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Regional First Home Buyer Guarantee) Direction 2022 30 September 2022 (F2022L01290) 1 October 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Social and Affordable Housing) Direction 2022 23 November 2022 (F2022L01501) 24 November 2022 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Removal of Limit on Major Bank Guarantees) Direction 2023 14 June 2023 (F2023L00790) 15 June 2023 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Liability Cap Update) Direction 2023 7 June 2023 (F2023L00740) 1 July 2023 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Enhancing the Home Guarantee Scheme) Direction 2023 28 June 2023 (F2023L00882) 1 July 2023 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (National Housing Accord—Preparatory Work) Direction 2023 4 September 2023 (F2023L01186) 5 September 2023 (s 2) — National Housing Finance and Investment Corporation Investment Mandate Amendment (Housing Australia Future FundPreparatory Work) Direction 2023 10 November 2023 11 November 2023 (s 2) — (F2023L01484) Housing Australia Investment Mandate Amendment (Social Housing, Affordable Housing and Acute Housing Needs) Direction 2023 8 December 2023 (F2023L01637) 9 December 2023 (s 2) — Housing Australia Investment Mandate Amendment (2024 Measures No. 1) Direction 2024 8 July 2024 9 July 2024 (s 2) — (F2024L00866) Housing Australia Investment Mandate Amendment (2024 Measures No. 2) Direction 2024 2 December 2024 (F2024L01556) 3 December 2024 (s 2) — Housing Australia Investment Mandate Amendment (2024 Measures No. 3) Direction 2024 19 December 2024 (F2024L01714) 20 December 2024 (s 2) — Endnote 4—Amendment history Provision affected How affected Part 1 s 1 am F2023L01637 s 2 rep LA s 48D s 3 am F2023L01637 s 4 am F2019L01436; F2020L01285; F2021L00912; F2022L00593; F2022L01290; F2022L01501; F2023L00882; F2023L01637; F2024L00866; F2024L01556 s 4A ad F2022L01290 s 4B ad F2024L00866 s 5 am F2023L01637 Part 2 s 6 am F2023L01637 s 7 am F2023L01637 s 7A ad F2023L01637 s 7B ad F2023L01637 s 8 am F2023L01637 s 8A ad F2019L01436 am F2022L00593; F2023L00882; F2023L01637 s 8B ad F2019L01436 rep F2023L01637 s 8C ad F2023L01186 rep F2023L01637 s 8D ad F2023L01484 rep F2023L01637 s 9 am F2019L01436; F2023L01186; F2023L01484; F2023L01637 s 10 rs F2019L01436 am F2022L00593; F2023L00882; F2023L01637 s 10A ad F2023L01637; am F2024L01556 s 11 am F2023L01637; F2024L00866 s 13 am F2023L01637 rs F2024L01556 s 14 am F2024L01556 s 15 am F2023L01637; F2024L00866 rs F2024L01556 Part 3 s 15A ad F2023L01637 Box after heading am F2023L01637 s 15B ad F2023L01637 s 16 am F2023L01637 s 17 am F2023L01637 s 18 am F2023L01637 s 19 rs F2022L00592 am F2023L01637; F2024L01556 s 21 am F2023L01637 Part 4 s 21AA ad F2023L01637 rs F2024L01556 Box after heading rs F2022L01501 s 21AB ad F2023L01637 s 21AC ad F2023L01637 am F2024L01556 s 21A ad F2022L01501 am F2024L01556 s 22 am F2022L01501; F2023L01637 s 22A ad F2022L01501 am F2024L01556 s 22BA ad F2024L01556 s 22B ad F2023L01637 s 23 am F2024L01556 s 23A ad F2022L00592 am F2022L01501 rep F2023L01637 s 24 am F2022L01501; F2023L01637; F2024L01556 s 25 am F2022L01501; F2023L01637; F2024L01556 s 26 am F2022L01501; F2023L01637 s 28 am F2023L01637 s 28A ad F2022L01501 am F2023L01637; F2024L01556 s 28AB ad F2024L01556 Part 4A Part 4A ad F2023L01637 s 28B ad F2023L01637 Div 1 (Part 4A) Div 1 ad F2023L01637 s 28C ad F2023L01637 s 28D ad F2023L01637 s 28E ad F2023L01637 s 28F ad F2023L01637 s 28G ad F2023L01637 s 28H ad F2023L01637 am F2024L00866 Div 2 (Part 4A) Div 2 ad F2023L01637 s 28J ad F2023L01637 s 28K ad F2023L01637 am F2024L00866 Div 3 (Part 4A) Div 3 ad F2023L01637 s 28L ad F2023L01637 s 28M ad F2023L01637 s 28N ad F2023L01637 rs F2024L00866 am F2024L01714 s 28NA ad F2024L00866 Part 4B Part 4B ad F2023L01637 s 28P ad F2023L01637 Div 1 (Part 4B) Div 1 ad F2023L01637 s 28Q ad F2023L01637 s 28R ad F2023L01637 s 28S ad F2023L01637 s 28T ad F2023L01637 s 28U ad F2023L01637 s 28V ad F2023L01637 am F2024L00866 Div 2 (Part 4B) Div 2 ad F2023L01637 s 28W ad F2023L01637 s 28X ad F2023L01637 am F2024L00866 Div 3 (Part 4B) Div 3 ad F2023L01637 s 28Y ad F2023L01637 s 28Z ad F2023L01637 s 28ZA ad F2023L01637 rs F2024L00866 am F2024L01714 s 28ZAA ad F2024L00866 Part 5 Part 5 rs F2023L01637 s 28ZB ad F2023L01637 s 28ZC ad F2023L01637 s 28ZD ad F2023L01637 s 28ZE ad F2023L01637 Part 5A Part 5A ad F2019L01436 am F2020L01285; F2021L00912; F2022L00593, F2023L00882 s 28ZF ad F2023L01637 Division 1 (Part 5A) Box after heading ad F2019L01436 am F2021L00912; F2022L00593; F2022L01290; F2023L00882; F2023L01637 Division 1 ad F2019L01436 s 29 rs F2023L01637 s 29A ad F2019L01436 rs F2023L01637 s 29B ad F2019L01436 am F2021L00912; F2022L00593; F2022L01290; F2023L01637 s 29C ad F2019L01436; am F2020L01285; F2021L00912; F2022L01290; F2023L00882; F2023L01637 s 29D ad F2019L01436 am F2020L01285; F2021L00912; F2023L00882 s 29E ad F2019L01436 s 29F ad F2019L01436 am F2020L01285; F2021L00912; F2022L01290; F2023L00882 rs F2022L00585 s 29G ad F2019L01436 am F2023L01637 Division 2 (Part 5A) Division 2 ad F2019L01436 s 29H ad F2019L01436 am F2023L00882; F2023L01637 s 29I ad F2019L01436 rs F2020L01285 ad F2022L00054 am F2022L00593; F2023L00790; F2023L00882; F2023L01637 s 29IA ad F2020L01285 am F2021L00912; F2022L01290; F2023L01637 s 29IB ad F2021L00912 am F2022L00593; F2022L01290; F2023L01637 rs F2022L00593 s 29IBA ad F2022L01290; F2023L01637 s 29IC ad F2021L00912 rs F2022L01290 am F2023L01637 s 29J ad F2019L01436 am F2023L01637 Division 3 (Part 5A) Division 3 ad F2019L01436 s 29JA ad F2020L01285 am F2021L00912; F2022L00593; F2022L01290; F2023L00882; F2023L01637 s 29K ad F2019L01436 am F2020L01285; F2021L00912; F2022L00593; F2022L01290; F2023L00790; F2023L00882; F2023L01637 s 29L ad F2019L01436; F2022L00592 am F2020L01285; F2021L00912; F2022L00593; F2022L00592; F2022L01290; F2023L00882; F2023L01637 Part 5B Part 5B ad F2019L01436 rep F2023L01637 s 29M ad F2019L01436 rep F2023L01637 s 29N ad F2019L01436 rep F2023L01637 Part 6 s 30 am F2023L01637 s 31 am F2023L01637 s 32 am F2023L01637 s 33 am F2023L01637 s 34 am F2019L01436; F2020L01285; F2022L00592; F2023L00740; F2023L01637; F2024L00866; F2024L01714 rs F2022L00054 s 35 am F2023L01637 Part 7 Part 7 ad F2022L00593 Division 1 ad F2022L00593 s 36 ad F2022L00593 Division 2 ad F2022L00592 s 37 ad F2022L00592 Division 3 ad F2022L00585 s 38 ad F2022L00585 Division 4 ad F2022L01501 s 39 ad F2022L01501 Division 5 ad F2023L00882 s 40 ad F2023L00882 Div 6 ad F2023L01637 s 41 ad F2023L01637 Div 7 ad F2024L01556 s 42 ad F2024L01556 Div 8 ad F2024L01714 s 43 ad F2024L01714