Developers of houses for rent are to be given additional funding support under a new federal government scheme to create more affordable homes.
Minister for housing and homelessness Mark Butler said the Gillard government is committed to providing new dwellings for Australia's population, adding that upcoming projects would be receiving a boost.
"To ensure there is no delay, this new round [of funding] will open on April 18 for up to 1,000 shovel-ready homes to be substantially completed by June 2014 and available for rent by end December 2014, from withdrawn or surrendered incentives that can be reallocated," he explained.
"The sector has been asking for unallocated incentives to be put back out to the market and we are doing that now."
Money is being provided under the National Rental Affordability Scheme (NRAS), with Mr Butler claiming the government is eager to build more residential real estate as quickly as possible to ensure areas that are most in need have greater access to homes.
The initiative offers money to the business and community sectors to develop new homes for rent to low- and middle-income households at a rate one-fifth lower than the average market price.
The new NRAS round of funding will close on May 22, while a fifth round of incentives that aim to construct 10,000 rental properties will open on May 7 and end at the beginning of August.
According to the housing minister, this fifth phase is worth approximately $1 billion over a ten-year period and will be staggered to make sure organisations have the time and resources to deliver the homes without delay.
Mr Butler admitted that housing affordability is a concern with many families across the country, but said the government is keen to invest in the sector to alleviate this pressure.
"This government has responded with more than $20 billion worth of measures to help people with homeownership and more affordable rental housing," he explained.
More than 12,000 houses have been constructed through the NRAS, he continued, with another 28,000 already commenced.
The fifth round of funding will help the government to reach its goal of 50,000 new affordable homes by 2016, the minister added.
"I have worked closely with my state and territory counterparts to make sure we can open the fifth round of NRAS incentives as soon as possible," he concluded.
The funding was confirmed last month (March 28) at the Council of Australian Governments' Select Council on Housing and Homelessness.
