Rudd Government Delivers More New Affordable Rental Properties

The Australian Government today announced that it has received applications for more than 27,000 dwellings in round two of the National Rental Affordability Scheme (NRAS).

In a bid to immediately support jobs in the housing sector, a total of 596 incentives for new affordable rental properties have already been given the green light for construction to begin right now.

The National Rental Affordability Scheme will help build up to 50,000 new rental properties across Australia by 2012, which will then be rented out at 20 per cent below market rate.

By providing incentives to build new rental homes, the Australian Government is supporting jobs in the construction and building industry at a time when we need them the most.

This is also a great outcome for households on low to moderate incomes, including key workers, who meet the eligibility requirements to rent these affordable rental homes.

The Government knows it’s a tight rental market at the moment and the National Rental Affordability Scheme will help increase the supply of affordable housing and reduce rental costs for low and moderate income households.

The Government is encouraged by the ongoing strong interest from the corporate sector in NRAS, which offers a new investment class in Australia by providing annual incentives of $8000 per home for a 10 year period.

The National Rental Affordability Scheme is a key component of the Government’s comprehensive housing package, which will boost rental stocks, help people save for their first home and lower housing infrastructure costs for some entry level housing.

Along with the First Home Owners Boost and commitment to build 20,000 new social housing dwellings as part of the Nation Building Economic Stimulus Plan, the Rudd Government is all about keeping construction workers in jobs.

It’s not just about jobs for builders and trades people but also associated industries such as building manufacturers and suppliers who help keep the Australian economy ticking over.