Affordable Housing

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Affordable housing

 

Affordable housing is an alternative form of housing designed to assist low to medium income earners, which enables eligible tenants to reside within existing communities at a rebated rent and represents approximately 9% of Compass NSW’s total housing portfolio. The transitional aspect of affordable housing encourages tenants to pursue real property ownership while paying reasonable rent in their present circumstances. This has delivered terrific outcomes, with tenants obtaining private home ownership through this program.

 

Under the Building Better Cities program, Compass has received purpose built properties to manage located in six redevelopment estates in the Newcastle area. Jointly funded by the Federal Government and State Government, this program has been part of an immensely successful renewal of the Honeysuckle precinct and inner Newcastle surrounds as well as providing affordable housing and being a catalyst for market regeneration and growth.

This program is for low to moderate income earning households and is targeted to key workers in the Newcastle area.


To be eligible for BBC Affordable Housing:

  • You must be an Australian citizen, a permanent resident or have a valid visa to reside in Australia
  • You must have a connection with the area that you are applying for housing in. This could be through work, education, family or long term residency.
  • You must have derived at least part of your household income from regular paid employment over the preceding twelve months.
  • The Affordable Program is for people who are employed but are on low wages.
  • The total household income limits are between $20,000 and $85,000 per annum.
  • 70% of that income shall be employment related income.
  • Applicants must not own property or assets which could realistically be used to secure affordable, appropriate housing.
  • There is no outstanding debt owed to Compass Housing Services, Housing NSW, or any other Community Housing provider.

How do I apply? 

MyPlace Property advertise all property vacancies here.  Prospective applicants are encouraged to register interest for available dwellings via the online enquiry form. Once the property has been viewed, download the Housing Application Form below. Completed application forms, together with required supporting documentation should  be forwarded to the My Place Property office.

The National Rental Affordability Scheme (NRAS) was a commitment by the Australian Government to invest in affordable rental housing. NRAS commenced in 2008 and was cut from the 2014 Federal budget, with the final roll out of NRAS funding to be completed in 2015.

The Scheme’s purpose was to address the shortage of affordable rental housing by offering financial incentives to the business sector and community organisations to build and rent dwellings to low and moderate income households at 20 per cent below-market rates for 10 years.


The aims of NRAS are to:

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

 The Australian Government committed over $1 billion to the Scheme to stimulate construction of up to 50,000 high quality homes and apartments, providing affordable private rental properties for Australians and their families. The rental arrangements are as per Affordable Housing Guidelines and the household income ranges across three income bands of very low, low and moderate household incomes.

The transitional aspect of NRAS Housing encourages tenants to pursue real property ownership while paying reasonable rent in their present circumstances. We have had tenants go on to home ownership from the NRAS Housing program.

To be eligible for NRAS Housing:

  • You must be an Australian citizen, a permanent resident or have a valid visa to reside in Australia.
  • You must have a connection with the area that you are applying for housing in. This could be through work, education, family or long term residency.
  • You are a low-moderate income earner.
  • There is no outstanding debt to Compass Housing, Housing NSW, or any other Community Housing provider.
  • You must be earning below the tenant income level relevant to your household type

Some Affordable Housing Programs have specific eligibility criteria. You will be advised of any additional criteria on enquiry.


Tenant Income Levels

NRAS homes are required to be rented to eligible tenants at least 20 per cent below the market rent to be eligible for the National Rental Incentive annually. The income levels for eligible tenants are specified in the NRAS Regulations. Initial tenant income levels are assessed against gross income according to the household composition.

An up-to-date and extensive list of example household income limits can be found here. Household income limits are indexed annually on 1 May in accordance with the NRAS tenant income index.

Eligible tenants' income must be equal to or less than the initial income limit when they become a tenant of an NRAS dwelling. Income may increase up to 25 per cent (the upper income limit) before their eligibility is affected.

For NRAS purposes, a household is considered to be all persons ordinarily residing in the dwelling. The Department therefore requires all persons who ordinarily reside in an approved rental dwelling to have their income included as a member of the one household, in accordance with the income limits.


Criteria

Some Affordable Housing Programs have specific eligibility criteria. You will be advised of any additional criteria on enquiry.

MyPlace Property advertise all property vacancies here. Prospective applicants are encouraged to register interest for available dwellings via the online enquiry form. Once the property has been viewed, download the Housing Application Form below. Completed application forms, together with required supporting documentation should be forwarded to the My Place Property office.

 

 

Our vacancies

 

With public and community housing increasingly reserved for the most vulnerable members of society, affordable housing has evolved as an alternative for low to moderate income workers who generally don’t meet the eligibility criteria for public housing, but still struggle with cost of private rental.

 

Compass’ affordable housing portfolio currently accounts for 11% of Compass total housing portfolio and is funded under various programs by commonwealth and state government grants.

 

 

To download an application form for one of the listed Sydney vacancies please select the relevant application form below:

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