Western Australia will see the State Government’s investment into affordable housing options increase, according to the Housing Minister Troy Buswell.
At the heart of this support is the NRAS, helping to fund an extra 1,000 affordable rentals, on top of 5,000 already committed.
“The additional funding will bring the total NRAS commitment in WA to 6,000 incentives, meaning we are well on the way to delivering the State Government’s target of an additional 20,000 affordable housing properties by 2020,” Mr Buswell said.
The government is keen to involve investors with the scheme, and considers private rentals a significant part of the strategy, he said.
“A key component of the State Affordable Housing Strategy is collaboration between Government and the private sector to increase the percentage of affordable private rental properties, and NRAS is a great example of this.
“Properties eligible for the NRAS program will be built by the private sector and made available at a minimum of 20 per cent below market rental rates for the next 10 years.”
Investors benefit from an annual cash incentive to property owners under the scheme.
“The State Government will make a significant financial contribution to this program, funding $2,381 per unit, indexed per year for the next 10 years, in addition to the incentive provided by the Federal Government,” he said.
“This is more than $14million per year across the next 10 years to increase affordable housing options for West Australians.”
Increased building will also underpin the strategy, seeing new homes across the State and in the North-West.
“The remainder of homes will be built in the metropolitan area, including in the south-east and north-east corridors,” he said.