National Rental Affordability Scheme
Notice of serious breach determination against National Rental Affordability Scheme (NRAS) approved participant BRAL Investments Pty Ltd (BRAL)
Particulars of serious breach
On 16 September 2019, a Deputy Secretary of the Department of Social Services (the department) made an official determination that BRAL had committed a “serious breach” as set out at regulation 22BB(1)(b)(ii) of the National Rental Affordability Scheme Regulations 2008 (NRAS Regulations).
BRAL’s breach resulted from its failure to comply with an obligation to provide information to a gaining approved participant as requested by the Secretary of the department under regulation 22D(3) of the NRAS Regulations.
Consequences of serious breach determination
A determination under regulation 22BB(2)(b) that a “serious breach” has occurred means that any investor who owns an approved NRAS dwelling for which BRAL is the approved participant may make a request to transfer the NRAS allocation attached to that dwelling to another approved participant. Such a request must be in writing and addressed to the Secretary of the department. Written requests to transfer should be sent by email to nras@dss.gov.au.
**Recent information**
October 2019 National Rental Affordability Scheme Amendment Bill 2019
The National Rental Affordability Scheme Amendment Bill 2019 passed the Senate on 22 July 2019 and the House of Representatives on 17 October 2019. The Bill was given Royal Assent and enacted on 30 October 2019. The new National Rental Affordability Scheme Act 2008 clarifies provisions and provides further flexibility in the administration of the NRAS, including supporting the making of new regulations to replace the National Rental Affordability Scheme Regulations 2008 (the current Regulations) which are due to sunset on 1 April 2020.
National Rental Affordability Scheme Regulations re-write
The department is currently making new regulations to replace the National Rental Affordability Scheme Regulations 2008 before they sunset on 1 April 2020.
The National Rental Affordability Scheme (NRAS or the Scheme), which commenced in 2008, aims to increase the supply of new and affordable rental dwellings by providing an annual financial incentive for up to ten years. This incentive is issued to housing providers (“approved participants”) to provide affordable rental dwellings at least 20 per cent below market rates.
More information about the Scheme is available on the About NRAS page.
Latest news and events
14 November 2019 – Update to 2018-19 payments processing
| 2018-19 |
Ready for assessment |
Paid |
|
|---|---|---|---|
|
Number of approved participants |
120 |
117 |
|
|
Number of incentives |
35,206 |
34,634 |
|
For the 2018-19 NRAS year, 120 approved participants submitted Statements of Compliance (SOCs). As at 14 November 2019, the SOCs for 118 approved participants have been assessed and paid, in total or in part, resulting in 34,634 incentives issued.
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