NRAS is the initiative from the government to generate affordable housing bankrolled by a variety of property investors. The aspiration behind the NRAS QLD scheme is to extend to any investors, incentives free of tax providing that they develop and rent out appropriate homes, at a rent that is reduced by at least 25 percent of the market rate, to households on a low or a moderate income. By using this scheme, the Australian government is hoping to reduce the shortage in affordable rental homes. Housing is reckoned to be affordable when the household that is occupying the property is capable of paying for their housing and still have sufficient income to manage to pay for essentials.
In the wake of the recent Queensland floods, it was suggested that a temporary tax could raise $1.8 billion to help support the reconstruction of the concerned areas and their underlying infrastructure. This proposal included cutting 15,000 dwellings from the budget for NRAS, but this was reassessed and the originally proposed housing figures stood; meaning the funding for NRAS QLD was safeguarded.
The QAHC is an acknowledged tax concession charity along with being a non-profit making company. QAHC’s intention is to bring together interested parties to construct and administer new affordable rental homes under the NRAS scheme.
The scheme gives out incentives annually and the current amount of these incentives is:
The Queensland Government’s $10,000 Building Boost Grant is similarly available to investors either buying or constructing new properties which are worth less than $600,000 in value.
The Queensland Affordable Housing Consortium can be located at; http://www.qahc.asn.au/
Information on the Building Boost Grant can be obtained from; http://boost.treasury.qld.gov.au/investor/index.php
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