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Affordable housing grants welcomed
Released 10 October 2011

The Residential Development Council has welcomed the announcement of successful applicants for round four funding under the National Rental Affordability Scheme (NRAS).   

Under the scheme, a further 200 new housing projects aimed at low to moderate income earners will be constructed.

Residential Development Council Executive Director Caryn Kakas said NRAS has been very successful in meeting the demand for affordable rental housing for families on low to moderate incomes.

“Many Australian’s are facing housing stress due to rising home prices and soaring rents. Round four of NRAS funding will result in an additional 17,000 homes being built across Australia.”

Under NRAS, successful applicants are eligible to receive a National Rental Incentive for each approved dwelling. This allows developers to rent new homes and apartments to eligible low and moderate income households for at least 20 per cent below the market rate for more than 10 years.

“The fourth round of successful NRAS applicants has brought a greater number of private sector developers participating in delivering affordable rental housing stock,” Kakas said.

“NRAS has provided a strong base for the delivery of rental housing in the market. The early rounds have set the foundation with a long term incentive that can facilitate improved affordable housing delivery by both the not-for-profit and private sector.

“The scheme has allowed the private sector to help deliver new rental housing that would not otherwise be available. By supporting these projects, the NRAS programme has bridged the gap between commercial viability and the market demands from key workers for secure rental housing options in our cities and regions,” she said.