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It could be at least a year before struggling families benefit from a federal government scheme to ease soaring rental costs. But welfare and housing groups say it is a much-needed step in the right direction to help low-income households which are being "hammered" by big rent increases. The government on Thursday officially launched its National Rental Affordability Scheme (NRAS), which aims to increase the supply of affordable rental dwellings by 50,000, and possibly 100,000 by 2012. The properties will be rented out 20 per cent below market value. The scheme will offer incentives to developers at a cost of $623 million over four years. "That is practical action to do with problems of rent which are real and are hurting working households right across the country," Prime Minister Kevin Rudd told reporters in Darwin.... [read full story]
