South Australia regulation

Urban Renewal (HomeStart Finance) Regulations 2020

In ForceSA

Jurisdiction

South Australia

Collection

regulation

Plain English Summary

3/10 complexity

These regulations keep the statutory corporation HomeStart Finance operating, revoke the 2007 rules, set a seven‑member board and restate its powers to provide and manage home‑purchase and related finance (including concessional lending, mortgage services, aged‑care finance and regional rental development). HomeStart must establish lending criteria in consultation with the Minister. They matter to borrowers, housing developers, aged‑care operators and regional tenants because they define who can lend, what instruments HomeStart may use, and how lending and mortgage enforcement will be managed.

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Direct links to the current provisions in Urban Renewal (HomeStart Finance) Regulations 2020.

Urban Renewal (HomeStart Finance) Regulations 2020

South Australia Urban Renewal (HomeStart Finance) Regulations 2020 under the Urban Renewal Act 1995

Contents 1 Short title 2 Commencement 3 Interpretation 4 Continuation of HomeStart Finance 5 Board of management 6 Functions of HomeStart Finance 7 Specific powers of HomeStart Finance 8 Associated matters Schedule 1—Revocation and transitional provisions 1 Revocation of regulations 2 Continuation of board of management Legislative history

1—Short title These regulations may be cited as the Urban Renewal (HomeStart Finance) Regulations 2020. 2—Commencement These regulations come into operation on 1 September 2020. 3—Interpretation In these regulations, unless the contrary intention appears— Act means the Urban Renewal Act 1995; HomeStart Finance means the statutory corporation of that name established under the Act by the Housing and Urban Development (Administrative Arrangements) (HomeStart Finance) Regulations 1995; land includes a building. 4—Continuation of HomeStart Finance HomeStart Finance continues in existence. 5—Board of management The board of management of HomeStart Finance will be constituted of 7 persons. 6—Functions of HomeStart Finance (1) The functions of HomeStart Finance are as follows: (a) to facilitate home ownership within the State by lending money or providing other forms of financial assistance to persons who are buying, building or altering a home, including by the provision of finance on concessional or special terms to persons of low to moderate income; (b) to provide, market or manage home finance products; (c) to provide, manage or facilitate finance for housing schemes and housing associations; (d) to provide, manage or facilitate mortgage relief schemes; (e) to provide, manage or facilitate other schemes to facilitate home ownership within South Australia; (f) to provide, manage or facilitate finance for the development, ownership or operation of aged care residential accommodation or facilities; (g) to acquire and hold land for rental accommodation in regional areas (and to carry out any necessary construction for that purpose) or to provide, manage or facilitate finance for the development of rental accommodation in regional areas. (2) HomeStart Finance must establish criteria for the provision of finance in consultation with the Minister. 7—Specific powers of HomeStart Finance In addition to the powers conferred on a statutory corporation by or under the Act, HomeStart Finance may— (a) enter into contracts of finance relating to the purchase of land, or the construction of premises, for residential purposes; and (b) acquire, hold, deal with and dispose of mortgages or other instruments or agreements; and (c) exercise the powers of a mortgagee in possession under the provisions of any mortgage or law; and (d) take proper and adequate means to secure the payment of any principal or interest payable to HomeStart Finance under any finance contract or other instrument or agreement; and (e) engage persons as agents or consultants, and enter into other forms of contract for the provision of services; and (f) make use of the services, facilities or staff of a private sector body; and (g) provide advisory, consultative, managerial, support or other forms of service, within the areas of HomeStart Finance's expertise, to other persons or bodies involved in the finance sector. 8—Associated matters (1) HomeStart Finance should conduct its business in accordance with established principles of financial management. (2) HomeStart Finance should, so far as is reasonably practicable, ensure that its activities are— (a) co‑ordinated with the activities of other public authorities; and (b) consistent with the planning of a desirable physical and social environment; and (c) conducive to the enhancement of the physical or social development objectives of the Government. Schedule 1—Revocation and transitional provisions 1—Revocation of regulations The Housing and Urban Development (Administrative Arrangements) (HomeStart Finance) Regulations 2007 are revoked. 2—Continuation of board of management The board of management of HomeStart Finance in existence immediately before the commencement of these regulations continues in existence as the board of management of HomeStart Finance. Legislative history Notes • For further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au. Principal regulations Year No Reference Commencement 2020 242 Gazette 30.7.2020 p4110 1.9.2020: r 2

Source text

Sourced from South Australian Legislation (legislation.sa.gov.au), CC BY 4.0.

1 Urban Renewal (HomeStart Finance) Regulations 2020

South Australia Urban Renewal (HomeStart Finance) Regulations 2020 under the Urban Renewal Act 1995

1—Short title These regulations may be cited as the Urban Renewal (HomeStart Finance) Regulations 2020. 2—Commencement These regulations come into operation on 1 September 2020. 3—Interpretation In these regulations, unless the contrary intention appears— Act means the Urban Renewal Act 1995; HomeStart Finance means the statutory corporation of that name established under the Act by the Housing and Urban Development (Administrative Arrangements) (HomeStart Finance) Regulations 1995; land includes a building. 4—Continuation of HomeStart Finance HomeStart Finance continues in existence. 5—Board of management The board of management of HomeStart Finance will be constituted of 7 persons. 6—Functions of HomeStart Finance (1) The functions of HomeStart Finance are as follows: (a) to facilitate home ownership within the State by lending money or providing other forms of financial assistance to persons who are buying, building or altering a home, including by the provision of finance on concessional or special terms to persons of low to moderate income; (b) to provide, market or manage home finance products; (c) to provide, manage or facilitate finance for housing schemes and housing associations; (d) to provide, manage or facilitate mortgage relief schemes; (e) to provide, manage or facilitate other schemes to facilitate home ownership within South Australia; (f) to provide, manage or facilitate finance for the development, ownership or operation of aged care residential accommodation or facilities; (g) to acquire and hold land for rental accommodation in regional areas (and to carry out any necessary construction for that purpose) or to provide, manage or facilitate finance for the development of rental accommodation in regional areas. (2) HomeStart Finance must establish criteria for the provision of finance in consultation with the Minister. 7—Specific powers of HomeStart Finance In addition to the powers conferred on a statutory corporation by or under the Act, HomeStart Finance may— (a) enter into contracts of finance relating to the purchase of land, or the construction of premises, for residential purposes; and (b) acquire, hold, deal with and dispose of mortgages or other instruments or agreements; and (c) exercise the powers of a mortgagee in possession under the provisions of any mortgage or law; and (d) take proper and adequate means to secure the payment of any principal or interest payable to HomeStart Finance under any finance contract or other instrument or agreement; and (e) engage persons as agents or consultants, and enter into other forms of contract for the provision of services; and (f) make use of the services, facilities or staff of a private sector body; and (g) provide advisory, consultative, managerial, support or other forms of service, within the areas of HomeStart Finance's expertise, to other persons or bodies involved in the finance sector. 8—Associated matters (1) HomeStart Finance should conduct its business in accordance with established principles of financial management. (2) HomeStart Finance should, so far as is reasonably practicable, ensure that its activities are— (a) co‑ordinated with the activities of other public authorities; and (b) consistent with the planning of a desirable physical and social environment; and (c) conducive to the enhancement of the physical or social development objectives of the Government. Schedule 1—Revocation and transitional provisions 1—Revocation of regulations The Housing and Urban Development (Administrative Arrangements) (HomeStart Finance) Regulations 2007 are revoked. 2—Continuation of board of management The board of management of HomeStart Finance in existence immediately before the commencement of these regulations continues in existence as the board of management of HomeStart Finance. Legislative history Notes • For further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or . Principal regulations Year No Reference Commencement 2020 242 Gazette 30.7.2020 p4110 1.9.2020: r 2