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National Rental Affordability Scheme delivers more affordable housing.



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Minister for Housing and Minister for the Status of Women

Media Release

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

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NRAS Round 2 List of Successful Applicants

Total 3012 1919 728 1082 6741

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

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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

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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

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