The National Rental Affordability Scheme
Pennisi Property Management are proud to be an 'NRAS' approved Agent and provide our Property Management Services to those within the National Rental Affordability Scheme.
What is the National Rental Affordability Scheme?
The National Rental Affordability Scheme (‘NRAS’ or ‘the Scheme’) is an Australian Government affordable housing initiative, delivered in partnership with state and territory governments. Governments, the business sector and community organisations have recognised that housing affordability is an issue of significant community concern.
The growing cost of housing is having an impact on the ability of many Australians to meet their financial commitments. The Scheme seeks to address the shortage of affordable rental housing by offering annual financial incentives for up to ten years, to rent dwellings for eligible NRAS tenants at 80 per cent or less of the market value rent.
NRAS issues financial incentives to organisations that provide people on low to moderate incomes with an opportunity to rent homes at a rate that is at least 20 per cent below market value rent. NRAS homes are not social housing–they are affordable private rental homes.
NRAS Renters (Tenants)
NRAS rental homes are available to low and moderate income Australians – people who may find it hard to pay market rental rates. To be eligible to rent an NRAS property, potential tenants need to provide the approved participant with evidence of their gross income for the previous 12 months before the day they enter the dwelling, both with their initial application and every year afterwards; and must not exceed the income limits for their household type by more than 25 per cent over two consecutive years. The total income of all tenants of an NRAS rental property is used to calculate the overall household income for that property.
As there is considerable demand for these dwellings the Australian Government is unable to guarantee that any tenant will be able to rent a dwelling developed under the Scheme.
Further information can be found at Information for Tenants.
If you wish to apply for an NRAS approved property, please download and complete the forms below, then email them to [email protected]
NRAS Income Questionnaire