The NSW Government has developed a number of other measures to increase the supply of afordable housing. In November 2006 the importance of affordable housing was confirmed by placing it among the NSW State Plan’s priorities as NSW State Plan Priority E6: Housing Affordability. These measures include:
Affordable Housing Innovations Fund
The NSW Government has set aside $49.8 million in funding for an Affordable Housing Innovations Fund (AHIF) to increase the supply of affordable housing. This is made up of $39.4 million for debt equity partnership projects with community housing organisations and $10.4 million to provide 70 new rental properties for low-to-moderate income earners in St Marys in Western Sydney.
This investment will encourage the growth of the community housing sector and enable community housing providers to attract private investment and financing, thus maximising the amount of affordable housing which can be provided.
Leveraged long term leasing
In addition, the NSW Government will pilot the provision of long term leases to community housing providers. Long term leases of 35 years will raise private finance by providing certainty for lenders that borrowers have a long term income stream with which they can service debt. The six hundred long term leases which will be piloted are estimated to raise some $11M in secured private sector finance. These funds will be used to purchase or develop affordable housing.
National Rental Affordability Scheme (NRAS)
The NRAS was introduced by the Commonwealth Government to:
- increase the supply of affordable rental dwellings
- reduce rental costs for low to moderate income households
- encourage large scale investment in innovative delivery of affordable housing.
The Commonwealth's Scheme will provide incentives to increase the supply of affordable housing for rent to eligible tenants for a period of ten years. Incentives will be allocated for up to 50,000 new dwellings in the first four years, with a further 50,000 to be provided if demand remains high.
The NSW Government is supporting NRAS projects in the Establishment phase with two incentives, NRAS A and NRAS B.
Click here for more information from Housing NSW and for help in completing NRAS Application Forms for proposals in NSW.
Click here for more information from the Commonwealth Department of Families, Housing, Community Services and Indigenous Affairs on NRAS or to request an application pack.
Top of page