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Media Release by The Hon Tanya Pibersek MP

$1.7 million to bolster National Rental Affordability Scheme Foundations

The Australian Government will provide close to $1.7 million over the next two years to fund products, activities, resources and tools to help deliver improved housing affordability through a National Rental Affordability Scheme (NRAS) Capacity Building Strategy.

The Strategy supports the Rudd Government’s commitment to informing, educating and assisting investors, not for profit housing providers and other potential NRAS participants.

A series of workshops providing investors, developers, not for profit providers and other organisations with an understanding of requirements for involvement in NRAS will be delivered as part of the Strategy.

It will also help fund a range of products to meet the needs of potential partners in NRAS – legal documents, financial planning modules, standard partnership agreements and partnership development kits.

NRAS provides $623 million over four years as incentives for institutional investors and the not-for-profit sector to build and manage 50,000 affordable rental homes.

This is a new way of doing business in Australia and will create a new asset class for institutional investors in affordable residential housing.

The Strategy’s tools and products will be available to any interested applicants and partners in NRAS through a Business Development Clearinghouse.

The Government will engage the Community Housing Federation of Australia to deliver a series of workshops for those interested in participating in NRAS, and to establish and manage the Clearinghouse.

It will provide access to resources and information on NRAS, including information on individuals and organisations with proven expertise in affordable housing.

It will also provide an opportunity for participants and other interested parties to share information and to link with organisations seeking partners.

The Clearinghouse will operate from the Community Housing Federation of Australia’s website (www.chfa.com.au).