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Tax credits offered to encourage affordable housing investment

Staff Reporter 3 minute read

The federal government will begin a tax credit scheme to stimulate investment in affordable housing, federal housing minister Tanya Plibersek told The Australian Financial Review today.

The scheme will involve tax credits of $6,000 per dwelling to corporate investors investing in affordable housing projects.

Ms Plibersek said the government would allocate 3,500 tax credits in 2008-09 at a cost of around $21 million, which will be just the beginning of the five year $603 million National Rental Affordability Scheme.

“It opens up a whole new class of investment in residential real estate, and I hope over time it will become an important new era for the supply of affordable rental accommodation,” Ms Plibersek said.

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Under the scheme the states will also provide $2,000 per dwelling in assistance.

Ms Plibersek will release further details of the scheme at an AFR housing industry forum in Sydney today.

Published: 29-02-08

 

Tax credits offered to encourage affordable housing investment
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