Housing Regulation 2015

This regulation may be cited as the Housing Regulation 2015.

This regulation commences on 1 September 2015.

The dictionary in schedule 2 defines particular words used in this regulation.

The following services are prescribed as an ancillary housing service—

the National Rental Affordability Scheme;

a housing-related education or employment service.

This part prescribes the requirements relating to the provision of housing services for which a funded provider, other than a BTR provider or HIF provider, receives funding.

If a provision of this part is inconsistent with a term of a funding agreement—

the provision prevails; and

the term is void to the extent of the inconsistency.

Subsection (1) does not limit another provision of this regulation.

A funded provider must use the funding or receipts that the funded provider receives for a housing service in a way that complies with the funding agreement for the service.

This section applies if—

a funding agreement with a funded provider is in force; and

the funded provider—

is required, under the funding agreement, to spend an amount comprised of receipts for a housing service within a stated period; and

has not spent the amount by the end of the period.

The chief executive may, by written notice, require the funded provider to pay the amount to the chief executive.

The funded provider must pay the amount to the chief executive within 8 weeks after the day the funded provider receives the written notice.

This section applies if—

a funding agreement is in force; and

the funding agreement relates to a funded property; and

the funded provider is not required, under the funding agreement, to pay the chief executive amounts, consisting of receipts for a housing service, that the funded provider has not spent, either—

while the funding agreement is in force; or

when the funding agreement ends.

The chief executive may, by written notice (a payment notice) given within 12 months after the end of a financial year (the notice year), require the funded provider to pay an amount of not more than an amount equal to the accumulated unspent receipts to the chief executive.

If the funded property to which the funding agreement relates was not acquired, constructed or improved wholly using receipts, the accumulated unspent receipts amount must be reduced by the offset percentage.

The funded provider must pay the amount stated in the payment notice to the chief executive within 8 weeks after the day the funded provider receives the written notice.

In this section—

accumulated unspent receipts means an amount equal to the receipts amount less—

the spent amount; and

the repaid amount.

offset percentage means the amount of money other than receipts that is used to acquire, construct or improve a funded property, expressed as a percentage of the total cost of acquiring, constructing or improving the funded property.

Example—

A funding provider acquires a property for $1,000,000, using $750,000 of receipts and $250,000 of the provider’s own money. The offset percentage is 25%.

receipts amount means the amount of receipts, other than funding, for the housing service received by the funded provider, as at the end of the notice year.

repaid amount means the amount of receipts, other than funding, the funded provider has paid to the chief executive as at the end of the notice year.

spent amount means the amount of receipts, other than funding—

the funded provider has spent, as allowed under the funding agreement, as at the end of the notice year; or

the funded provider has retained, with the written approval of the chief executive, as at the end of the notice year.

A funded provider must not use funded property as security for a loan unless—

the funded provider is—

a registered provider; and

a company registered under the Corporations Act; and

the chief executive gives the funded provider written approval to use the funded property as security for the loan.

This section applies to a funded provider that receives funding for an ancillary housing service.

The funded provider must prepare annual financial statements for each financial year in which the funded provider receives the funding.

If the funded provider is established under an Act, the annual financial statements must be in the form, and contain the information, required under the Act.

If the chief executive requests a copy of the annual financial statements, the funded provider must comply with the request.

The funded provider must comply with this section even if the funded provider—

does not provide, or is not required to provide, the service for the whole of the financial year; or

stops providing the service before fully complying with this section.

A funded provider must keep, and implement, a management plan (an asset management plan) for each of the provider’s funded property.

The purpose of an asset management plan is to—

maintain the long-term viability, and value, of the funded property; and

ensure the funded property is appropriate for—

the type of housing service the funded provider provides; and

the needs of people using the housing service; and

the circumstances in which the funded provider provides the housing service.

An asset management plan must include financial strategies for the plan’s implementation.

If the chief executive requests a copy of an asset management plan, the funded provider must comply with the request.