More affordable rental homes for North Canberra

I was happy to announce today additional funding under the National Rental Affordability Scheme for rental homes in north Canberra.
More affordable rental homes in North Canberra

Residents in North Canberra will have access to more affordable rental accommodation under the Gillard Government's National Rental Affordability Scheme (NRAS).

Andrew Leigh, Member for Fraser, welcomed the announcement of successful applications for NRAS round four which will deliver over 200 projects to build more than 17,000 properties for low to moderate income households to rent below market rate.

"I know the cost of rent is a real pressure for families and students in Canberra”, Andrew Leigh said.

“That’s why the Gillard Government is investing in addressing housing affordability to increase the supply of affordable rental properties. It’s important to ensure that there are affordable accommodation options for families as well as students so that living and studying in Canberra remains an attractive option.

“I am very pleased to welcome investment in these three projects. Community Housing Canberra, the United Vietnamese Buddhist Congregation and the University of Canberra have all successfully applied for funding for a range of different dwellings. Together, these projects will see the construction of more than 1500 dwellings around Canberra’s north side.

“These projects are three of many developments across the nation that will help to play a part in addressing housing affordability under NRAS.

“Before Labor came to office there were no programs aimed at improving the availability of affordable rental properties.

“I lobbied my Federal colleagues on these projects because many of my constituents have told me about their problems finding affordable rental accommodation. It’s exciting to see so many projects in Canberra’s north supported by NRAS” said Andrew Leigh.

The National Rental Affordability Scheme is about increasing supply of new affordable rental housing, reducing rental costs for low and moderate income households and encouraging investment and innovative affordable housing.

It also provides a welcome boost to the domestic construction industry where conditions remain soft due to the lingering impacts of the Global Financial Crisis and the withdrawal of stimulus.

“We provided support to domestic construction when the worst of the Global Financial Crisis hit and initiatives like NRAS continue to provide an ongoing pipeline of work for the sector” said Andrew Leigh.

NRAS offers financial incentives to the business sector and community organisations to build and rent homes to low and moderate income households.

The Gillard Government has committed to support 50,000 NRAS properties, with up to 35,000 dwellings across the country by 30 June 2014, and the remaining 15,000 by 30 June 2016.

The National Rental Affordability Scheme complements other Gillard Government initiatives to improve the community's access to affordable housing, including the $450 million Housing Affordability Fund and the $100 million Building Better Regional Cities program.

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