The new housing bond aggregator "is required to take a commercial approach, achieve a benchmark rate of return," the draft investment mandate declares.The government late last week introduced legislation to establish the National Housing Finance and Investment Corporation (NHFIC). The corporation will have two purposes.First, an affordable housing bond aggregator "which will provide cheaper and longer-term finance to registered community housing providers."Second, the National Housing Infrastructure Facility "which will be a $1 billion perpetual facility that will finance critical housing-related infrastructure to speed up the supply of new housing through the provision of loans and grants and the making of investments."The social objectives of the policy will colour the views of the board of the NHFIC on a commercial return.The draft investment mandate states this "must maintain the value of its infrastructure loans and investments over the medium to long term in line with minimum target value of the NHFIC's Permanent Fund. "The Board has flexibility in determining the expected rate of returnin relation to any particular financing decision."