Yes. The States’ contribution to the incentive is paid in the form of cash and is “non assessable and exempt” from tax. The Federal contribution is paid as a “refundable tax off-set” which means that it reduces your tax bill. If you do not need to pay a lot of tax, you may receive it

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The NRAS approved dwelling must remain in the Scheme for 10 years, comply with the NRAS conditions and regulations, and make it available for tenancy at the discounted rent.

The National Rental Affordability Scheme provides an annual tax-free incentive or payment, called “the NRAS Incentive”, to the business sector and organizations who build and rent dwellings. This incentive is paid to the dwelling owner or investor who tenants the approved dwelling to eligible tenants, provided that the rent is discounted.

No.  NRAS is not a public housing program.  It is a tax incentive to induce more private investment in the lower price range of the residential construction market.

Individuals and families who meet the income criteria are able to rent NRAS dwellings at a discounted rate, making their rental housing more affordable. Investors benefit when purchasing a NRAS approved dwelling as they receive enhanced cash returns, annual rental incentive and reduced vacancy rates. The supply of affordable housing in Australia is increased.

The National Rental Affordability Scheme (NRAS), is a long term commitment by the Australian Government to increase the supply of new, affordable rental housing.