About the National Rental Affordability Scheme (NRAS)
The National Rental Affordability Scheme (NRAS) is an Australian Government initiative to stimulate the supply of new affordable rental dwellings. Successful NRAS applicants are eligible to receive a National Rental Incentive for each approved dwelling where they are rented to eligible low and moderate income households at 20 per cent below market rates.
Governments, the business sector and community organisations recognise that housing affordability is an issue of significant community concern. The growing cost of housing is having a serious impact on the ability of many Australians to meet their financial commitments.
Under NRAS, the Australian Government is providing Incentives to:
- increase the supply of affordable rental dwellings;
- reduce rental costs for low to moderate income households; and
- encourage large scale investment and innovative delivery of affordable housing.
The Scheme offers annual Incentives for ten years. The two key elements of the Incentive are:
- A Commonwealth Government Incentive currently (2015-16) of $8 187.78 per dwelling per year as a refundable tax offset or payment; and
- A State or Territory Government Incentive currently (2015-16) of $2 279.26 per dwelling per year in direct or in kind financial support.
The tenant eligibility criteria is based on household income, and in 2015, a couple with 3 children may earn up to $113,895 and be eligible for NRAS properties.
For comprehensive NRAS information, please visit the Department of Social Services (DSS) website at: DSS.