Multi-Unit Developments (Amendment) (Sinking Fund) Bill 2018

Public bill · Private Member · Introduced

The measure would move responsibility for multi-unit developments from the Minister for Justice to the Minister for Housing, Planning and Local Government. It would also require a sinking fund to start within 12 months of the first unit being sold, keep that money in a separate account, and set out future repair and maintenance costs in a report for owners at least every five years. That matters because it is meant to make apartment blocks and similar developments better prepared for long-term upkeep and less likely to face surprise repair bills.

Formal long title

Bill entitled an Act to amend the Multi-Unit Developments Act 2011 to transfer responsibilities to the Minister for Housing, Planning and Local Government; to establish a sinking fund in year one of a development’s transfer of ownership; and to provide for other matters.

Last updated 13 February 2020