national rental affordability scheme

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NRAS Housing

NRAS Housing

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 NRAS

Joining the NRAS Housing Scheme

Affordable housing within the NRAS context relates to the sector between full priced rented accommodation and social housing. Housing is deemed affordable when the household that is renting out the property is able to pay for housing and yet have adequate income to afford other essentials.

The NRAS Housing scheme is trying to deal with the shortfall in affordable housing available for rent by providing tax free grants to property investors.  To qualify the investors must construct and subsequently rent out homes at 20 percent beneath market rates to moderate or low income households, though to be eligible any dwelling must not have been lived in as a home before. The NRAS scheme gives these tax free incentives each year to property investors for the duration of ten years.

Leaving the Scheme

Providing they meet the terms of any tenancy agreement already in effect, NRAS accredited properties can leave the scheme at any point. This will occur by either;

  • Renting out the property at the full market value; alternatively
  • Moving in as owner occupier after departure of any tenant.

Following that, a property could be subsequently returned into NRAS Housing by reverting back to full NRAS compliance.

Further Reading

If you want further details, then the NRAS Housing website can be found at http://www.environment.gov.au/housing/nras/index.html

Also, the Dept. of Families, Housing, Community Services & Indigenous Affairs can provide further advice; http://www.fahcsia.gov.au/sa/housing