28NLimits on making loans and grants for the purposes of this Part

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 $3.345 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 2027-28 financial year—$368 million; and (b) for the 2028‑29 financial year—$565 million; and (c) for the 2029‑30 financial year—$666 million; and (d) for the 2030‑31 financial year and each later financial year—$666 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 the 2025‑26 financial year—the unused amount from the annual limit for the 2024‑25 financial year; and (c) for each financial year after the 2025‑26 financial year—$0.