A new initiative by the Commonwealth and State Governments, the National Rental Affordability Scheme, will soon create more affordable rental housing in Queensland's private rental market. The scheme aims to provide up to 50,000 new affordable rental dwellings across Australia by 2012.
The scheme offers a financial incentive to developers of new dwellings on the condition that the properties are rented to eligible low and moderate income households at below-market rents. Rent on the new dwellings will be no more than 80% of market rent for the property.
To be eligible for the scheme, a household must meet the scheme's income limits and be listed on the housing register managed by the Department of Housing in Queensland.
The household income limits for tenants to be eligible to access housing through this scheme, as at 1 July 2008, are:
- single person: $39,351
- couples or sole parents with up to 1 child: $55,991
- couple or sole parent with 2 children: $69,423
- couple or sole parent with 3 or more children: $82,855.
Anyone interested in becoming a tenant under the scheme is required to register their interest with the department.
The properties rented under the scheme will not be managed by the Department of Housing.
Each developer of a scheme property will choose their own property and tenancy manager.
These managers will contact the department for a list of potential tenants for their properties and will select tenants from that list.
More information on the scheme is available on the department's website.