What is NRAS?
The National Rental Affordability Scheme (NRAS) is a Federal Government initiative that, through partnerships, aims to:
- Significantly increase the supply of new and affordable rental dwellings
- Reduce rental costs for low to moderate income households, and
- Encourage large scale investment in affordable housing
The National Rental Affordability Scheme is designed to increase the supply of affordable rental housing by providing financial incentives to investors who choose to invest in approved NRAS dwellings and rent such dwellings out at a minimum of 20% below current market rates to eligible tenants.
National Rental Affordability Scheme homes are not social housing — they are affordable rental homes owned by private investors or not-for-profit companies.
National Rental Affordability Scheme properties can remain in the scheme for up to 10 years (provided they continue to meet eligibility requirements).
Who is eligible to rent an NRAS property?
National Rental Affordability Scheme homes are available for rent to eligible low to moderate income earners. To be eligible to rent an NRAS property, potential tenants:
i) must apply for their choice of NRAS dwelling and, along with an application, provide Access Housing Realty with written evidence of their gross income, and
ii) comply with ongoing eligibility checks
The total gross income of all adult tenants of an NRAS rental property is used to calculate the overall household income for that property.
More information on tenant eligibility requirements and to see the current NRAS household income limits, visit the Department of Social Services website.
What makes Access Housing Realty NRAS specialists?
Access Housing Realty carries out tenancy and property management of NRAS dwellings for a range of NRAS approved properties and participants, including its parent company, Access Housing Australia Ltd. As an NRAS tenancy and property manager, Access Housing Realty’s responsibilities include;
- ensuring the dwelling is activated under the scheme
- maintaining a register of potential tenants for NRAS homes
- ensuring the dwelling is rented at an eligible rental amount at all times
- ensuring the dwelling is rented to a household with income not exceeding the limits set by the scheme
- using approved documents and agreements, and
- supporting ongoing compliance and providing required information for annual reporting
The NRAS reporting and compliance requirements to Government are detailed and complex and any mistakes or timing failures in submitting information to the Australian Government’s Department of Social Services can result in the loss of the NRAS tax credit. It is the responsibility of the NRAS approved participant (or owner of the NRAS incentive) to supply information and reporting to the Department of Social Services.
To help ensure NRAS investors supply correct, comprehensive, and complete reporting material back to the Department of Social Services, Access Housing Realty has established its own robust compliance reporting systems. This has been done to ensure that, regardless of who owns the NRAS incentive, Access Housing Realty is able to provide its investors with a professional and compliant property and tenancy management service whilst ensuring Australian Government reporting requirements are able to be met.