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AUSTRALIA 
Budget to tackle housing crisis
Tuesday, 13 May, 2008
housing
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The federal government has laid the foundations for tackling the housing affordability crisis after setting aside billions of dollars to boost rental stocks and help people save for their first home.
The budget housing package will cost 2.2 billion dollars over four years and includes 623 million for the new National Rental Affordability Scheme which the government says will create up to 50 thousand new rental properties.
Have Your Say: Is this year's Budget 'tough but fair'?
Under the plan an annual incentive payment of $6,000 per property for up to 10 years will be made either through a tax credit or grant.
States and territory governments will also contribute at least two thousand dollars a year for each property for up to 10 years.
Investors must rent properties to eligible tenants at 20 per cent below the market rate.
The government has also set aside 512 million over five years for the Housing Affordability Fund .. aimed at lowering the cost of building new homes with an emphasis on proposals that improve the supply of new entry-level housing.
To help people buy their first home the government has allocated 1.2 billion over four years to fund the establishment of First Home Saver Accounts.
There will also be 100 million over the next four years to build 600 new homes for homeless people across the nation.
Source: SBS staff and agencies
The budget housing package will cost 2.2 billion dollars over four years and includes 623 million for the new National Rental Affordability Scheme which the government says will create up to 50 thousand new rental properties.
Have Your Say: Is this year's Budget 'tough but fair'?
Under the plan an annual incentive payment of $6,000 per property for up to 10 years will be made either through a tax credit or grant.
States and territory governments will also contribute at least two thousand dollars a year for each property for up to 10 years.
Investors must rent properties to eligible tenants at 20 per cent below the market rate.
The government has also set aside 512 million over five years for the Housing Affordability Fund .. aimed at lowering the cost of building new homes with an emphasis on proposals that improve the supply of new entry-level housing.
To help people buy their first home the government has allocated 1.2 billion over four years to fund the establishment of First Home Saver Accounts.
There will also be 100 million over the next four years to build 600 new homes for homeless people across the nation.
Source: SBS staff and agencies
