The University made a successful submission under the National Rental Affordability Scheme to provide 1000 affordable student accommodation dwellings.

The National Rental Affordability Scheme (NRAS) is an Australian Government initiative to stimulate the supply of affordable rental dwellings throughout Australia by up to 50,000.

Governments, the business sector, and community organisations recognise that housing affordability is an issue of significant community concern. The growing cost of housing is having a serious impact on the ability of many Australians to meet their financial committments. The intent of NRAS is to attract institutional and private investment to fill the gap in rental affordability.

Under NRAS, the Australian Government is providing incentives to:

• Increase the supply of affordable rental dwellings;
• Reduce rental costs for low to moderate income households; and
• Encourage large scale investment and innovative delivery of affordable housing.

The NRAS Rental Incentive is contributed annually by the Commonwealth and State or Territory Governments at a 3:1 ratio.

Tenants

The NRAS Rental Incentive is provided on the condition that throughout the ten year period the dwelling is rented at 20 per cent below the market rent for an equivalent dwelling to eligible low and moderate income households.

Location

The University has completed the first stage expansion of Currie Hall, building 15 dwellings with 24 rooms. Work commenced late 2011 to construct an additional 515 dwellings at Currie Hall due for completion at the end of 2012. A further 250 dwellings are planned for construction at St Catherine's College.