232Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship

#### 232 Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship 232 Use of Property Services Compensation Fund to assist residential landlords and tenants suffering hardship > > (1) Parliament recommends that this Act be amended to allow the Secretary to establish a scheme to provide financial assistance from money held in the Property Services Compensation Fund to landlords who are suffering financial hardship caused directly or indirectly by the COVID-19 pandemic, being a scheme that provides for the following— > > > > > (a) the landlord demonstrating that a tenant— > > > > > > > (i) has suffered a loss of income of 25% or more, and > > > > > > > (ii) has less than $5,000 in savings, and > > > > > > > (iii) is paying more that 30% of the tenant’s income in rent to the landlord, > > > > > (b) a maximum payment of $2,500 per landlord per tenancy is available to a landlord, > > > > > (c) the landlord being required to reduce the tenant’s rent by the amount of any payment under the scheme. > > > (2) Terms used in this section that are not defined in this Act have the same meanings as they have in the [Residential Tenancies Act 2010](/view/html/inforce/current/act-2010-042). > > **s 232:** Ins 2020 No 5, Sch 1.24\[1\].