The Community Housing Industry Association and National Shelter have declared the passage of the BTR housing bill through the Senate as an important step in combating the rental crisis facing Australia.
The Build to Rent legalisation now contains changes put forward by CHIA, National Shelter and the Property Council of Australia. These mean tenancies will now be offered for a minimum of five years instead of three, while incentive payments and tax treatment will catalyse greater investment in the supply of high quality rental housing.
Build to Rent operators will also be prevented from using no fault evictions and the definition of affordable tenancies will ensure properties are available to people on moderate and low incomes, with rents capped below 74.9 per cent of the market value or 30 per cent of income, whichever is lower.
"This is a critically important step forward," said CHIA CEO, Wendy Hayhurst. "We have a cast iron commitment that provides a pipeline of genuine affordable housing managed by the people who are experts in doing so - community housing providers.
"When done correctly, Build-to-Rent provides tenants the sort of stability they badly need but can't get because private ownership is out of their reach.
"The challenge is far from over, but we have built incredibly important foundations. We thank the Government and independent cross benchers, especially Senator David Pocock for persisting with this process. We also acknowledge the role of the Greens for making the case for housing reform and passing this legislation."
National Shelter spokesperson, John Engeler concurred: "Any day that gives people more housing security is a good day. National Shelter is pleased to have worked with CHIA and the Property Council to contribute to enhancing this legislation.
"This bill provides a consistent nation-wide level of certainty, especially the provisions around no-fault evictions, five year leases and improved affordability.
"This legislation is badly needed, especially for people on lower incomes. With the amendments agreed today, a good piece of legislation is now great.
