The National Rental Affordability Scheme (NRAS) is an Australian Government initiative which, through partnership with the states and territories, aims to significantly increase the supply of new affordable rental dwellings across Australia.
Under this scheme, each approved NRAS property will be rented to eligible low-to-moderate income tenants at 20 per cent or more below market rent.
In exchange for the discounted rent, the owner of each dwelling (typically a developer or an investor) receives an annual income tax-free incentive. This incentive is currently $9,524 per year, and is indexed annually across the ten years the property is in the scheme.
Within Western Australia, NRAS is expected to deliver an additional 5,000 affordable rentals across the State by 30 June 2016.
For further information for potential applicants, including details on eligibility and tenancy managers, visit the NRAS Housing Options page.
Round 4 outcome
The outcomes of round four of the National Rental Affordability Scheme was announced on 3 October 2011. This round will deliver 2,365 affordable rental dwellings for low to moderate income households in Western Australia.
The Housing Authority, together with the Department of Sustainability, Environment, Water, Population and Communities (Federal) is working on finalising remaining applications in Western Australia as quickly as possible.
Formal offers of incentives will be sent out to all successful applicants in the coming days.
For more information visit the Department of Social Services website.