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.
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.
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