Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) There is established a fund to be known as the New Housing Fund.
(2) The New Housing Fund comprises:
(a) the money that stood to the credit of the fund established under section 67 of this Act as in force immediately before ATSIC abolition day and that was transferred to Indigenous Business Australia by subitem 192(2) of Schedule 1 to the Aboriginal and Torres Strait Islander Commission Amendment Act 2005 ; and
(b) such amounts as are appropriated to Indigenous Business Australia for the purposes of the New Housing Fund; and
(c) such amounts as are paid to Indigenous Business Australia as repayment of, or otherwise in respect of:
(i) housing loans made by Indigenous Business Australia, or treated, by subitem 199(5) of Schedule 1 to the Aboriginal and Torres Strait Islander Commission Amendment Act 2005 , as having been so made, out of the New Housing Fund; or
(ii) loans made by the Aboriginal Development Commission under section 25 of the Aboriginal Development Commission Act 1980 ; or
(iii) loans made by the Aboriginal Loans Commission under section 25 of the Aboriginal Loans Commission Act 1974 ; and
(d) interest received by Indigenous Business Australia on investment of money from the New Housing Fund; and
(e) such amounts of the money of Indigenous Business Australia as it determines, in writing, to make available to the New Housing Fund; and
(f) such amounts (if any) as are made available by any other person to Indigenous Business Australia for the purposes of the New Housing Fund.
(3) The money in the New Housing Fund may only be applied:
(a) in making housing loans to individuals or bodies; or
(b) in making loans to individuals or bodies to enable the individuals or bodies to provide housing for Aboriginal persons or Torres Strait Islanders; or
(c) in making grants of money for the purpose of enabling Aboriginal persons or Torres Strait Islanders to obtain housing loans from lenders operating on a commercial basis.
(4) Subsection (3) does not prevent the investment of money under section 59 of the Public Governance, Performance and Accountability Act 2013 .
(5) Indigenous Business Australia must prepare budget estimates for the New Housing Fund for each financial year and, if the Minister so directs, for any other period specified by the Minister, and must submit estimates so prepared to the Minister not later than such date as the Minister directs.
(6) Money in the New Housing Fund must not be applied otherwise than in accordance with budget estimates approved by the Minister.
(7) For the purposes of subsection (5):
(a) if the period from ATSIC abolition day to the 30 June next following that day is more than 6 months--that period; and
(b) in any other case--the period from ATSIC abolition day to the second 30 June next following that day;
is taken to be first financial year for which Indigenous Business Australia must prepare budget estimates for the New Housing Fund.
(8) A determination by Indigenous Business Australia for the purposes of paragraph (2)(e) is not a legislative instrument.