The Australian Government, in partnership with the States and Territories, has announced a new round of
National Rental Affordability Scheme (NRAS) allocations.
The scheme is a long term commitment by multiple levels of government to invest in affordable rental housing by offering financial incentives to investors of residential dwellings on the basis that they are rented to people on low to moderate incomes at a discount of at least 20 per cent below market rent.
The Federal Government has already allocated
approximately 40,000 NRAS entitlements with approximately 11,000 NRAS delivered, as of December 2012 (above).
According to the Federal Minister for Housing and Homelessness Mark Butler, NRAS is an important strategy to assist Australians who are vulnerable to the rising cost of housing.
“We know that housing affordability is a concern for many families right across Australia and we’re investing heavily to address that concern,” Mr Butler said.
“Already, more than 12,000 homes have been built under the National Rental Affordability Scheme, with close to 28,000 under way,” Mr Butler said.
“This latest round of incentive allocations will aim to deliver the last 10,000 homes, to reach our goal of 50,000 new more affordable rental homes by 30 June 2016.”
Round Five allocations will comprise two phases: