There are 50 NRAS-approved studio dwellings at Miguel Cordero Residence.
The National Rental Affordability Scheme (NRAS or the Scheme) is a long-term commitment by the Australian Government in partnership with the States and Territories, to invest in affordable rental housing.
The Scheme, which commenced in 2008, seeks 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 per cent below the market value rent.
NRAS aims to:
- Increase the supply of new affordable rental housing
- Reduce rental costs for low and moderate income households
- Encourage large-scale investment and innovative delivery of affordable housing
- The Australian Government is committed to stimulating the construction of 50,000 high-quality homes and apartments, providing affordable private rental properties for Australians and their families.*