National Rental Affordability Scheme

National Rental Affordability Scheme

The National Rental Affordability Scheme is a scheme created by the Council of Australian Governments (COAG) as part of a strategy to address housing affordability within Australia.

A number of key elements of suitable developments included the relief of rental stress. That is, there was an area that had an undersupply affordable housing. That was certainly the case in Singleton until the current downturn in the mining industry but unfortunately Singleton does not seem to have benefited from the scheme. As there was a required a discount to market rents from a minimum of 20% to 30%, and the tenants had an income limit (before  legislated increases) from $44,835 per annum gross for a single adult increasing to $106,598 per annum for a couple with three children, the scheme if adopted in Singleton would have alleviated the rental affordability situation which existed and was a disincentive for people to relocate to Singleton to live.

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