NRAS
National Rental Affordability Scheme (NRAS)
The National Rental Affordability Scheme seeks to address the shortage of rental housing and rapidly rising rents by offering a National Rental Incentive to providers of new dwellings on the condition that they are rented to eligible low and moderate income households at 20 per cent below-market rates. The incentive comprises:
- an Australian Government contribution in the form of a payment or a refundable tax offset to the value of $6,855 per year for each individual dwelling for 10 years. Not-for-profit organisations endorsed as charities by the Australian Taxation Office will receive the contribution in the form of a payment; and
- a State or Territory Government contribution to the value of $2,285 or more in the form of a payment or other in-kind support.
The Scheme will help create 50,000 affordable rental dwellings across Australia by 2014, with dwellings managed by Tenancy Managers in accordance with relevant State or Territory Government regulatory requirements. The Recipient of the Incentive will be subject to specific reporting requirements in relation to tenancy selection and management and other aspects of compliance with the Scheme's requirements.
The Australian and State and Territory Governments will have the ability to apportion, withhold, offset or withdraw the National Rental Incentive in the event that the requirements of the Scheme are not met.
By requiring a reduction on market rent of 20 per cent, the Scheme substantially improves affordability for tenants. It also provides tenants with stronger security of tenure than is currently available to them in the wider private rental market.
The National Rental Affordability Scheme is being implemented in two phases:
- the Establishment Phase will run from July 2008 to June 2010 and will provide for the allocation of 11,000 National Rental Incentives; and
- the Expansion Phase will run from July 2010 to June 2014 and will provide for the allocation of 39,000 National Rental Incentives.
Incentives will be allocated on the basis of a competitive selection processes.
More information on NRAS can be obtained via the Department of Sustainability, Environment, Water, Population and Communities (SEWPaC).
For specific inquiries please contact the NRAS information line on 1800 334 505 or email nras@environment.gov.au
Source: Department of Families, Housing, Community Services and Indigenous Affairs (2008:5) National Rental Affordability Scheme: Draft Guidelines. Canberra.
The October 2010 issue (Issue 4) of NRAS News, a bi-monthly newsletter on the National Rental Affordability Scheme (NRAS) published by the Australian Government Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA).Topics in Issue 4 of NRAS News that may be of...
Premier Partners Consulting in conjunction with Aged & Community Services Australia and Roland Naufal of 4C have produced a Feasibility Report based upon a hypothetical NRAS project. This is a useful report for gaining an understanding of how an NRAS project may be structured and the type of...
A PowerPoint presentation on the National Rental Affordability Scheme (Round Three), by Sue Ham of FaHCSIA, presented at NRAS Forums held by the National Affordable housing Summit Group.
This is a letter of response from Treasurer Wayne Swan clarifying issues surrounding charitable tax status and NRAS participation and headleasing arrangments under NEJV for NRAS.
A presentation given by Mark Fowler of Neumann and Turnour Lawyers at the 2010 Affordable Housing Exchange, discussing the roles, responsibilities and legal concerns of property management and ownership within the National Rental Affordability Scheme (NRAS).
A masterclass presentation by Des Kirwan from FaHCSIA, Kevin Bottle from QLD Department of Housing, and Geoff Slack from Housing SA, delivered at the 2010 National Affordable Housing Exchange.This presentation provides information on NRAS directly from government around process issues and the...
A masterclass presentation by Maggie Shananhan of FaHCSIA, Will Roden from the Centre for Affordable Housing, and Adrian Spencer from GrantReady, delivered at the 2010 National Affordable Housing Exchange.This masterclass presentation provides an overview of the application process, with a...
