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

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 $1.146 billion. 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 2026-27 financial year—$72 million; and (b) for the 2027‑28 financial year—$103 million; and (c) for the 2028‑29 financial year—$196 million; and (d) for the 2029‑30 financial year—$196 million; and (e) for the 2030‑31 financial year and each later financial year—$196 million (as indexed annually in accordance with section 28ZAA).