Federal Register of Legislation - Australian Government

Primary content

Directions/Financial as made
This instrument amends the National Housing Finance and Investment Corporation Investment Mandate Direction 2018 to implement the Government's response to the ‘Statutory Review of the Operation of the National Housing Finance and Investment Corporation Act 2018’ and to increase the cap of National Housing Finance and Investment Corporation’s total liabilities by $2.0 billion to $5.5 billion.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 03
Registered 12 Apr 2022
Tabling HistoryDate
Tabled HR26-Jul-2022
Tabled Senate26-Jul-2022
Date of repeal 02 Jul 2022
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022

I, Michael Sukkar, Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, make the following direction.

Dated 6 April 2022

Michael Sukkar

Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

National Housing Finance and Investment Corporation Investment Mandate Direction 2018      2

 


1  Name

                   This instrument is the National Housing Finance and Investment Corporation Investment Mandate Amendment (Review Measures) Direction 2022.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

Immediately after the commencement of the National Housing Finance and Investment Corporation Investment Mandate Amendment (Home Guarantee Scheme) Direction 2022.

1 July 2022

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under subsection 12(1) of the National Housing Finance and Investment Corporation Act 2018.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

National Housing Finance and Investment Corporation Investment Mandate Direction 2018

1  Paragraph 19(c)

Repeal the paragraph, substitute:

                     (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;

2  After section 23

Insert:

23A  Identifying eligible projects

             (1)  The NHFIC must:

                     (a)  make reasonable efforts to identify projects, or potential projects, that could be suitable for funding under the NHIF; and

                     (b)  promote the NHIF to the proponents of such projects.

             (2)  As soon as practical after the end of:

                     (a)  the 3 months starting on 1 July 2022; and

                     (b)  each successive 3 months;

the NHFIC must report to the Minister on the activities of the NHFIC under subsection (1) during the 3 months.

3  After paragraph 29L(1)(c)

Insert:

                    (ca)  a summary of the data and information collected by the NHFIC under subsection (3) in relation to the 6 month period; and

4  Subsection 29L(2)

Omit “and (c)”, substitute “, (c) and (ca)”.

5  At the end of section 29L

Add:

             (3)  The NHFIC must collect data and information that would be of assistance in an evaluation of whether the First Home Guarantee is effective in facilitating first home buyers entering into the housing market sooner, including data and information about:

                     (a)  changes in the behaviour of first home buyers induced by the First Home Guarantee; and

                     (b)  the effectiveness of the First Home Guarantee in relation to different types of first home buyers.

6  Section 34 (heading)

Omit “$3 billion”, substitute “$5.5 billion”.

7  Subsection 34(2) (definition of cap)

Omit “$3.5 billion”, substitute “$5.5 billion”.

8  In the appropriate position in Part 7

Insert:

Division 2Amendments 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.