NRAS Housing Scheme

National Rental Affordability Scheme (NRAS) has been introduced to reduce rental costs for low income households through the provision of tax incentives to increase the supply of affordable housing for rent to eligible tenants for a period of up to ten years. The Government will provide $622.6 million over four years for the provision of 50,000 affordable rental properties across Australia. An annual incentive of $6,000 per property for up to ten years can be claimed via a refundable tax offset for complying institutional property investors. State and Territory governments have agreed to provide annual support of at least $2,000 per annum per property. To access the NRAS Scheme, investors must rent properties to eligible tenants at 20 per cent below the market rate of rent for equivalent properties in the area.