The National Rental Affordability Scheme (NRAS) is an Australian Government initiative that aims to encourage medium to large scale investment in affordable housing.
Tasmanians benefit from the Scheme through increased affordable housing that is offered at a rate at least 20 per cent below the current rental market rate.
NRAS is jointly funded by the Australian Government and State/Territory jurisdictions. The Australian Government component is administered by the Australian Government Department of Social Services. The Tasmanian Government component is administered by the Housing Innovations Unit, Housing Tasmania.
Rounds 1 – 4 and Shovel Ready Round
The Tasmanian Government has committed nearly $40 million via direct capital and in-kind support (including approximately $3.1 million funding for Shovel Ready projects) to the National Rental Affordability Scheme (NRAS) across all NRAS Rounds in order to increase the supply of affordable private rental accommodation for low to moderate income earners in Tasmania.
To date this has resulted in the delivery of 707 new affordable properties in Tasmania with more than 900 additional dwellings projected for completion by June 2016. All of these homes have been jointly funded by the Australian and Tasmanian Governments.
It is anticipated that 256 new dwellings will be delivered to June 2015 with 139 of these dwellings to be retained as affordable housing for 30 years.
Local developers and builders
The Tasmanian Government supports and encourages collaboration between not-for-profit organisations and community housing providers with local developers and builders.
Local developers and builders are encouraged to view NRAS Monthly Performance Reports available on the Department of Social Services website, that detail NRAS approved participants in Tasmania that they may be able to partner with.
Any investors under the scheme should note that the Tasmanian Government only has a direct relationship with recipients. Prospective investors are responsible for seeking their own legal and tax advice before entering into contracts with recipients.
Applying for tenancy
The Tasmanian Government does not manage the allocation of properties in the National Rental Affordability Scheme. Information for prospective tenants, including contact details of Tasmanian NRAS tenancy mangers, can be found on the Department of Social Services website.
Legislation and Regulations
The Commonwealth National Rental Affordability Scheme Act 2008, the National Rental Affordability Scheme (Consequential Amendments) Act 2008 and the National Rental Affordability Scheme Regulations support the Scheme. Organisations applying for the Scheme should refer to the Act and Regulations to ensure compliance.
Housing Innovations Unit - Housing Tasmania
Level 4, 99 Bathurst Street
Hobart, Tasmania 7000
GPO Box 125, Hobart, Tasmania 7001
Phone: (03) 6166 3617