40. (1) The Minister may, from time to time, out of moneys provided by the Oireachtas for that purpose, make grants to the Housing Agency for the purpose of making loans to approved housing bodies for the development or provision of dwellings to be designated as cost rental dwellings under section 30.

(2) Where the Minister makes grants under subsection (1), he or she shall direct the Housing Agency to apply the funds received by it pursuant to the grants for the purposes specified in that subsection in accordance with such regulations as may from time to time be made by the Minister under subsection (13).

(3) The Housing Agency shall not make a loan under this section without the prior written consent of the Minister.

(4) The Housing Agency shall, where requested to do so by the Minister and in accordance with the terms of any such request, invite and receive proposals from approved housing bodies, to be made in accordance with the procedures and requirements of the Housing Agency in that behalf, for the making of loans under this section.

(5) The Housing Agency shall consider any proposals from approved housing bodies under subsection (4) made in accordance with the procedures and requirements of the Housing Agency.

(6) The Housing Agency shall, after it has considered proposals received by it under subsection (4), provide a report to the Minister which shall contain the Agency’s assessment of the merits of each proposal together with its opinion as to whether a loan should be made in respect of each proposal.

(7) The Minister shall consider the assessment and opinion of the Housing Agency and shall decide whether to consent to the making of a loan under this section.

(8) The Housing Agency may engage such competent persons (including consultants and advisers) as it considers necessary for the purposes of performing its functions under this section.

(9) The Housing Agency shall have all such powers as are necessary or expedient for the performance of its functions under this section.

(10) The Housing Agency may perform any of its functions under this section through or by any member of the staff of the Housing Agency duly authorised in that behalf by the Housing Agency.

(11) The Housing Agency shall furnish to the Minister such information regarding the performance or proposals for the performance of its functions under this section as the Minister may from time to time require.

(12) The Housing Agency shall keep, in such form as may be approved by the Minister, with the consent of the Minister for Public Expenditure and Reform, all proper and usual accounts of all moneys received or expended by it under this section and, in particular, shall keep in such form as aforesaid all such special accounts as the Minister, with the consent of the Minister for Public Expenditure and Reform, may from time to time direct.

(13) The Minister may make regulations in relation to the making of loans under this section including regulations prescribing—

(a) the duration of such loans,

(b) the percentage of, and the manner of calculation of, the capital costs of the dwellings in respect of which such loans may be made,

(c) any conditions to be attached to the loans, including any requirements in respect of the security arrangements to be put in place in respect of such loans,

(d) the manner in which the Housing Agency is to deal with moneys received by it from approved housing bodies in repaying loans made under this section including as to whether such moneys are to be—

(i) paid into, or disposed of for the benefit of the Exchequer, in such manner as the Minister for Public Expenditure and Reform thinks fit,

(ii) with the consent of the Minister for Public Expenditure and Reform, used by the Housing Agency to make further loans in accordance with this section, or

(iii) with the consent of the Minister for Public Expenditure and Reform, paid to the Minister for Housing, Local Government and Heritage.

(14) In this section, “Housing Agency” means the Housing and Sustainable Communities Agency.