the govnuts new housing scheme falling over

extracts only.....tax office ruled its not available to mum and dad investors....I was thinking of going into this...so another broken dudded promise.....
you should see the articles about how they half fixed some indigenous housing too.....and no new homes there either after 2.5 years...........

Blow to low-cost housing scheme MARIKA DOBBIN
February 22, 2010 .
The federal government's $623 million plan to boost the number of affordable rental properties has hit another stumbling block, after the Tax Office ruled that mum-and-dad investors were not eligible for tax breaks under the scheme.

The ruling leaves hundreds of small investors - who had already bought properties approved under the scheme - in limbo about the promise of a $8600 annual tax break over a decade.

It is the second shock ruling from the Tax Office to hit the National Rental Affordability Scheme (NRAS), which aims to add 50,000 new low-cost rental homes by mid-2012.

The Tax Office ruled that companies and non-profit groups with NRAS approval could not transfer the tax break to individual investors.
However, development industry group Urban Taskforce Australia said the latest ruling would further deter developers and institutional investors from getting involved.

''The scheme seems to be under-subscribed, especially in higher cost locations like Sydney and Melbourne,'' said chief executive Aaron Gadiel. ''This chopping and changing of the rules creates uncertainty. It is another example of where one part of government has not been talking to the other
http://www.theage.com.au/business/property/blow-to-lowcost-housing-scheme-20100221-oo1m.html