On the 28th March 2013 the Government announced round 5 National Rental Affordability Scheme (NRAS).

Round 5 funding will be available in two parts:

Part One: From 18 April for up to 1000 shovel-ready homes to be substantially completed by June 2014 and available for rent by end December 2014. Applications close on 22 May 2013.

Part Two: Will open on 7 May and close on 6 August 2013 and will fund about 10,000 new affordable rental homes.

Announcing the funding at a COAG meeting of Housing Ministers, Federal Minister for Housing and Homelessness Mark Butler said the NRAS was a critical part of the Australian Government’s efforts to help Australians struggling in the housing market.

“We know that housing affordability is a concern for many families right across Australia and we’re investing heavily to address that concern,” Mr Butler said.

Under NRAS, the business and community sectors receive financial incentives to build new homes and rent them to low and middle income households at a rate that is at least 20 per cent below the market rate.

“Already, more than 12,000 homes have been built under the National Rental Affordability Scheme, with close to 28,000 under way,” Mr Butler said.

“This latest round of incentive allocations will aim to deliver the last 10,000 homes, to reach our goal of 50,000 new more affordable rental homes by 30 June 2016.”

For more information go to www.fahcsia.gov.au/nras OR if you are a developer wanting to know more contact Evolve Housing on 88621500 or info@evolvehousing.com.au