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Schedule 3—National rental affordability scheme amendments

Schedule 3 National rental affordability scheme amendments

   

National Rental Affordability Scheme Act 2008

1  Subparagraph 7(2)(b)(ii)

Repeal the subparagraph, substitute:

                             (ii)  each charge of rent for the rental dwelling during the year is at least 20% less than the market value rent for the dwelling; and

2  Paragraph 7(2)(c)

Repeal the paragraph, substitute:

                     (c)  to the extent that the rental dwelling is not rented during an NRAS year that falls within the incentive period—the dwelling is not vacant for longer than a period prescribed by the regulations.

3  At the end of section 7

Add:

             (4)  The National Rental Affordability Scheme may provide for, and in relation to, the variation of a condition of an allocation (other than a condition mentioned in paragraph (2)(a) or subparagraph (2)(b)(ii)) in certain circumstances.

             (5)  To avoid doubt, a condition provided for by the National Rental Affordability Scheme may be imposed on an allocation after the allocation is made.

4  After paragraph 8(b)

Insert:

                   (ba)  the transfer of an allocation to another rental dwelling in certain circumstances;

5  Application

Subsections 7(4) and (5) of the National Rental Affordability Scheme Act 2008 , as inserted by item 3 of this Schedule, apply to an allocation made before, on or after the day this Schedule commences.

6  Making allocations—continuity of conditions prescribed by the regulations

The amendment made by item 2 of this Schedule does not affect the continuity of any regulations made for the purposes of paragraph 7(2)(c) of the National Rental Affordability Scheme Act 2008 that are in force immediately before this item commences.