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$1 billion for 10,000 new affordable rental homes

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Mark Butler


Media Release by The Hon Mark Butler MP

$1 billion for 10,000 new affordable rental homes 7 May 2013

The Gillard Government today opened a new round of incentives worth $1 billion over 10

years to build 10,000 new affordable rental homes under the National Rental Affordability

Scheme (NRAS).

“We know that housing affordability is a concern for many Australians and we’re investing

heavily to address that concern,” Minster for Housing and Homelessness Mark Butler said.

“This new round opening today will deliver about 10,000 new affordable rental homes across

Australia by 2015-16.

“Through this NRAS round, the Government will look to preference projects that embrace

universal design principles, which helps support independent living for older people and

people with a disability.”

NRAS offers annual financial incentives, currently valued at $9,981 per year per dwelling,

for 10 years, to build and rent new homes or apartments for low to moderate income tenants,

at 20 per cent below the market value rent.

“This scheme is helping Australians struggling in the rental market, saving low and middle-income tenants thousands of dollars each year,” Mr Butler said.

Mr Butler said this announcement will not only create a continuous supply of new and more

affordable homes, but will create jobs through increased investment in new construction, with

Australian sourced building materials also preferred by the Australian Government.

“We want to move as quickly as possible to build new homes in areas that are most in need,”

Mr Butler said.

“We remain firmly committed to delivering 50,000 more affordable rental homes by 30 June

2016, three quarters of which has already been built or is under way.

NRAS is part of the Australian Government’s $26 billion investment to help people with

home ownership and more affordable rental housing.

Applications for NRAS Round 5 incentives will close on 6 August 2013, with properties to

be available for rent from July 2015 to June 2016.

For more information, including application details, eligibility, preferred locations, the

number of incentives available in each state and territory and helpful facts, go to: