Document ID: chunk:federal_register_of_legislation:F2024C01285:reg:11
Version: federal_register_of_legislation:F2024C01285
Segment Type: reg
Provision Reference: reg 11
Character Range: 21810–23371

11  AHBA reserve
 (1) The Board must allocate to a reserve for the AHBA amounts that Housing Australia borrows from the Commonwealth, out of money appropriated by the Parliament for the purpose of the reserve.
 (2) The Board may allocate up to $4 billion to the AHBA reserve.
 (3) Subject to subsection (5), an amount allocated to the reserve (an allocation) must relate to a particular loan by Housing Australia to a registered community housing provider.
 (4) Within 6 months after the day when the loan is required to be repaid to Housing Australia, or at a later time allowed by the Minister, Housing Australia must:
 (a) repay to the Commonwealth an amount equal to the allocation, adjusted to cover the Commonwealth's cost of borrowing; and
 (b) reduce the reserve by the allocation.
 (5) An allocation may be used by Housing Australia for a purpose other than to make a loan to a registered community housing provider with the approval of, and in accordance with terms and conditions agreed with, the Minister and the Minister for Finance. Housing Australia must repay to the Commonwealth an amount equal to the allocation, adjusted to cover the Commonwealth's cost of borrowing, in accordance with those terms and conditions, and reduce the reserve by the allocation.
 (6) Housing Australia must aim to maintain the reserve in the medium to long term at no more than one third of its total liabilities in relation to the AHBA.
 (7) Housing Australia must develop a business plan to achieve that aim, and provide a copy to the Minister by 30 June 2019.