13Establishment of Permanent Fund

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).