WHAT IS THE NATIONAL RENTAL AFFORDABILITY SCHEME?
The National Rental Affordability Scheme (NRAS) is an Australian Federal Government Initiative that aims to increase the supply of new and affordable housing, reduce the rental costs for low and moderate income households and encourage large scale investment and innovative delivery of affordable housing.
The Scheme has sought to address the shortage of affordable rental housing by offering financial incentives to persons or entities such as the business sector and community organisations to build and rent dwellings to low and moderate income households at a rate that is at least 20 percent below the market value rent.
Since 2009, the Real Property Group has been working in conjunction with several NRAS Approved Participants, namely Australian Affordable Housing Securities (AAHS), Questus Funds Management Limited (QFML), Access Housing and Evolution Housing as an NRAS approved Property Manager. Our portfolio of NRAS properties has rapidly increased since taking on this responsibility to the point where we have now assisted in the delivery and ongoing compliance of well over 1500 NRAS properties in Australia.
Being an approved Property Manager means we are responsible for your NRAS property to be compliant year after year whilst under our management. It’s our promise!
We ensure to mitigate any chance of non-compliance by having our own dedicated NRAS Compliance team. Each team member has undergone the required training, and participates in ongoing training workshops on a regular basis, to ensure our team is kept abreast of any changes in NRAS Regulations and those changes are complied with during the term of the NRAS.
We work with your NRAS Approved Participant to ensure at all times we have met our compliance obligations. We do this by collecting and submitting to them the required compliance information relating to the tenancy of your dwelling. This enables your Approved Participant to conduct the compliance audit and submit your annual Statement of Compliance in a timely fashion each year.