NRAS is a long term Commitment by the Australian Government to investors prepared to build affordable rental housing.
NRAS seeks to address the shortage of affordable rental housing by offering financial incentives to the persons or entities to build and rent dwellings to low and moderate income households at below the market rate for 10 years.
It aims to:
- Increase the supply of new affordable rental housing
- Reduce rental costs for low to moderate income households
- Encourage large scale investment and innovative management of affordable housing.
Potential NRAS tenants are required to meet household income limits in order to be considered eligible tenants. The income limits vary according to the composition of the household. Please see below.
One Adult: $51,398 gross income
Two Adults: $71,061 combined gross income
Three Adults: $90,724 combined gross income
Sole Parent with one child: $71,110 gross household income
Sole Parent with two children: $88,160 gross household income
Couple with one child: $88,111 gross household income
Couple with two children: $105,161 gross household income