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National Rental Affordability Scheme delivers more affordable housing
15/09/2009
The Rudd Government today announced that it will deliver 6,741 new affordable rental homes for low and middle income earners under the second round of the National Rental Affordability Scheme.The National Rental Affordability Scheme will help build up to 50,000 new properties across Australia by 2012, which will then be rented out at a minimum 20 per cent below market rate.
The Government is investing more than $1 billion in the National Rental Affordability Scheme over the next four years to increase the supply of new, affordable rental homes across Australia.
NRAS provides annual incentives to developers of $8,672 per home, indexed to the rental component of the CPI for a 10 year period.
This new construction work generates jobs by providing work for builders and tradespeople as each dwelling needs to be newly constructed to qualify for Government incentives.
The Government is keen to see low to moderate income workers such as those in childcare, retail and hospitality able to afford to live in areas where their skills are needed.
The Government created NRAS to increase the number of affordable rental properties across Australia and guarantee that they will be rented to people on low incomes including key workers.
The level of interest from the corporate sector has been particularly encouraging in round two and we expect that sector to continue to take advantage of the investment opportunity that NRAS provides.
Rental vacancy rates remain tight across Australia - particularly in capital cities.
This innovative scheme aims to provide affordability in the rental sector by requiring rents to be at least 20 per cent below market value for tenants who meet the income eligibility requirements.
NRAS Total Round Two Offers of Incentives:
| State | Inner Metropolitan | Outer Metropolitan | Provincial | Rural | Total |
|---|---|---|---|---|---|
| ACT | 101 | 101 | |||
| NSW | 711 | 226 | 200 | 226 | 1363 |
| QLD | 329 | 460 | 359 | 501 | 1649 |
| SA | 311 | 123 | 108 | 542 | |
| TAS | 70 | 114 | 40 | 113 | 337 |
| VIC | 1251 | 891 | 129 | 134 | 2405 |
| WA | 239 | 105 | 344 | ||
| Total | 3012 | 1919 | 728 | 1082 | 6741 |
NRAS Round 2 List of Successful Applicants
| S tate | Name of Applicant | Total |
|---|---|---|
| ACT | Community Housing Canberra The Uniting Church in Australia Property Trust | 8,912 |
| ACT Total | 101 | |
| NSW | Affordable Community Housing Ltd | 163 |
| Baptist Community Services - NSW & ACT | 59 | |
| BlueCHP Ltd | 12 | |
| Churches Community Housing Limited | 56 | |
| Community Housing Ltd | 110 | |
| Compass Housing Services Co Ltd Fourth Sector Enterprises Pty Ltd as Trustee for Tasmanian Community | 160 | |
| Housing Property Trust (TCHPT) | 30 | |
| Hume Community Housing Association Company Ltd | 112 | |
| Major Investment Group II Pty Ltd | 20 | |
| Mission Australia | 126 | |
| Payce Consolidated Ltd | 350 | |
| Queensland Affordable Housing Consortium Ltd | 10 | |
| The Uniting Church in Australia Property Trust | 155 | |
| NSW Total | 1,363 | |
| QLD | Affordable Management Corporation Pty Ltd atf Affordable Housing Management Fund | 111 |
| Alloa Properties Pty Ltd atf the DG and CM Allan Family Trust | 20 | |
| Ausbuild Developments Pty Ltd Aztec Developments (Qld) Pty Ltd atf Aztec 19 Joyce Trust and Network | 95 | |
| Homes Real Estate Pty Ltd atf Konan Hammer Trust | 21 | |
| Brisbane Housing Company Ltd | 155 | |
| Gladstone Central Committee on the Ageing | 21 | |
| Gold Coast Housing Company Ltd ING Garden Villages Pty Limited CAN 129 703 911 as trustee for the Garden | 154 | |
| Villages Management Trust Oak Tree Retirement Villages Pty Ltd and Oak Tree Retirement Village Park | 20 | |
| Avenue Pty Ltd | 75 | |
| Queensland Affordable Housing Consortium Ltd | 904 | |
| Spike (Qld) Pty Ltd | 44 | |
| Sundale Garden Village, Nambour | 29 | |
| QLD Total | 1,649 | |
| SA | Adelaide Benevolent and Strangers Friend Affordable Housing Consulting Pty Ltd | 20 38 |
| Aged Care and Housing Group Incorporated | 22 | |
| Bedford Industries Incorporated | 21 | |
| Common Ground Adelaide Ltd | 52 | |
| James Brown Memorial Trust | 44 | |
| Julia Farr Housing Association Inc | 26 | |
| Lutheran Community Housing Support Unit Inc | 40 | |
| Portway Housing Association Incorporated | 22 | |
| Service to Youth Council Inc | 24 | |
| Southern Junction Community Services Inc | 83 | |
| The Corporation of the City of Adelaide | 27 | |
| Unity Housing Company Limited | 103 | |
| Wheelchair Accessible Community Housing Association Incorporated | 20 | |
| SA Total | 542 | |
| TAS | A D Bayne & R E Fergusson & F J Grant (in partnership) Fourth Sector Enterprises Pty Ltd as Trustee for Tasmanian Community | 120 |
| Housing Property Trust (TCHPT) | 21 | |
| Mission Australia | 28 | |
| Ninety Four Feet Pty Ltd | 42 | |
| Southern Bay Investments | 46 | |
| St Ann's Homes Inc | 80 | |
| TAS Total | 337 | |
| VIC | Common Equity Housing Ltd | 354 |
| Ethan Affordable Housing Limited | 148 | |
| Hamton JV (Coburg) Pty Ltd | 255 | |
| Holmeslen Institute of Tafe | 100 | |
| Mission Australia | 285 | |
| Monash University Oak Tree Retirement Villages Pty Ltd and Oak Tree Retirement Village Park | 750 | |
| Avenue Pty Ltd | 25 | |
| Supported Housing Limited | 461 | |
| The Uniting Church in Australia Property Trust | 27 | |
| VIC Total | 2,405 | |
| WA | Accelerated Wealth Systems PL ATF The Affordable Housing Systems Group Unit Trust | 105 |
| Florin Pty Ltd Foundation Housing as the WA Leading Agency for the Urban Affordable | 39 | |
| Housing Association | 200 | |
| WA Total | 344 | |
| Total | 6,741 |