3Simplified outline of this Act

3 Simplified outline of this Act

• This Act establishes the Housing Australia Future Fund, which will enhance the Commonwealth’s ability to:

(a) make grants in relation to acute housing needs, social housing or affordable housing; and

(b) make payments to Housing Australia for the purposes of enabling Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.

• The Housing Australia Future Fund consists of:

(a) the Housing Australia Future Fund Special Account; and

(b) the investments of the Housing Australia Future Fund.

• The Future Fund Board is responsible for deciding how to invest the Housing Australia Future Fund. In doing so, the Future Fund Board is bound by the Housing Australia Future Fund Investment Mandate given to it by the responsible Ministers.

• A grant may be made in relation to acute housing needs, social housing or affordable housing.

• This Act establishes the Housing Australia Future Fund Payments Special Account.

• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account.

• The purpose of the Housing Australia Future Fund Payments Special Account is to make grants in relation to acute housing needs.

• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to acute housing needs, social housing or affordable housing.

• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Housing Australia Special Account for the purposes of enabling Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.