More affordable housing in Bowen Hills

Housing affordability in the inner city has received a major boost with the completion of a new residential tower in Bowen Hills featuring 174 units of affordable housing thanks to the National Rental Affordability Scheme.

Minister for Housing and Public Works Tim Mander said Metro Property Development and Pearls Australasia had done a wonderful job delivering the project.

“Projects like this are proof that with the right incentives, the building and construction industry can deliver affordable housing in areas that would otherwise be off limits to people on low or modest incomes,” Mr Mander said.

“The Newman Government promised at the election to lower the cost of living for families, which is precisely what projects like this one do. 

Mr Mander said the “Madison Heights” development featured 308 apartments, with 174 earmarked for affordable housing.
 
“The National Rental Affordability Scheme units in this new development will have their rent capped at 70 per cent of the going market rate for the area which is a significant saving,” he said.

“The development featured an impressive list of amenities including a swimming pool, high speed internet, and on-site security.”

Minister Mander said the National Rental Affordability Scheme was an important part of the Newman Government’s housing assistance system.

“These properties fill an important gap in the market for people who would not qualify for social housing, but still struggle to with the cost of living,” he said.

“In addition, other programs such as RentConnect and bond loans can help people enter or remain in the private rental market, by helping them find a suitable dwelling and by funding the initial bond payment.” 

More information regarding the National Rental Affordability Scheme, including eligibility requirements, is available at www.qld.gov.au/housing/renting/nras

[ENDS] 31 January 2014                
Media contact: Martin Kennedy 0407 643 998