Cash injection will 'ease stress' for rental property market
Incentives totalling one billion dollars over the next ten years should deliver about 10,000 affordable rental properties within the next three years.
The cash injection was announced in a statement from the Gillard government earlier this week on May 7 under the National Rental Affordability Scheme (NRAS).
Valued at $9,981 per year per dwelling, the incentives exist for the construction of any rental property, so long as the rent charged on the dwelling is 20 per cent lower than market value rent.
With this particular round of NRAS funding, the government is looking to "preference projects that embrace universal design principles, which helps support independent living for older people and people with a disability", explained minister for Housing and Homelessness Mark Butler.
Older Australian housing body COTA has welcomed the cash injection, saying the funding will "ease housing stress" for the older population.
Chief executive of the group Ian Yates said that this stress had more than doubled for Australians aged 70 and over.
"The issue is particularly acute for those older people on pensions struggling to meet the cost of private rentals, and for older women who have been home carers and don't have any superannuation to fall back on," he said.