affordable housing development models - City of Port Phillip

GLOSSARY
Nation Building Economic Stimulus Plan
In February 2009, the Commonwealth announced the provision of additional funding for social housing
under the Nation Building - Economic Stimulus Plan.
The Social Housing Initiative will provide funding of $5.238 billion over three and a half years from
2008-09 to 2011-12 for the construction of new social housing (in two stages), and a further $400
million over two years for repairs and maintenance to existing public housing dwellings.
This Initiative is being conducted in partnership with State and Territory governments. It will provide a
boost to public housing and housing administered by the not-for-profit community sector and is
designed to assist low income Australians who are homeless or struggling in the private rental market.
The National Affordable Housing Agreement (NAHA)
The National Affordable Housing Agreement (NAHA) aims to ensure that all Australians have access to
affordable, safe and sustainable housing that contributes to social and economic participation.
The NAHA is an agreement by the Council of Australian Governments that commenced on 1 January
2009, initiating a whole-of-government approach in tackling the problem of housing affordability.
The NAHA provides $6.2 billion worth of housing assistance to low and middle income Australians in
the first five years.
The NAHA is supported by the National Partnership Agreements on:
•social housing
•homelessness
•Indigenous Australians living in remote areas
The National Rental Affordability Scheme (NRAS)
The National Rental Affordability Scheme or NRAS was launched in 2008 for the purpose of providing
assistance and funding to increase the supply of affordable rental dwellings, reduce rental costs to low
to mid income earners and to encourage investment on a large scale to provide more affordable
housing.
NRAS is expected to supply up to 50,000 affordable rental houses across Australia by 2012, with a
further 50,000 to be made available post 2012 at a cost of $623 million.
The government will provide an incentive of $9,140 per annum ($6,855 from Federal and $2,285 from
the State governments). This payment increases in line with CPI and in 2010 it is $9,140. This
incentive is guaranteed for every year for 10 years to enable equivalent property rents to be reduced
in accordance with eligibility criteria.
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