NRAS Audit Process
The Government relies on Lead Agencies to ensure the NRAS is run in accordance with enacted legislation. Ethan Affordable Housing acts as a Lead Agency who provides Audit and Compliance services for the annual audit of NRAS properties. Every property that has received an NRAS endorsement must be audited each year before the Government can pay the incentive.
It is imperative that every property is managed in accordance with the guidelines that are set under this Scheme. Hence we have policies, procedures and the technology in place to ensure your property is continually eligible and managed in accordance with Government legislation. The cost of this audit process is 7.5% of the incentive per annum, plus a $250 valuation fee charged in Year 1, 4 and 7. The fees are deducted from the incentive at the time of payment.
We can provide audit and compliance work for the following type of properties:
• Properties that were developed within the Ethan Affordable Housing NRAS model.
• Properties that have commenced with a different NRAS provider but now require a new or reliable provider who can ensure that the incentive can be passed on to the investor.
In some circumstances, an NRAS property owner may require to change NRAS providers to ensure continual receipt of the incentive. These circumstances may include:
• The approved participant has declared bankruptcy or is no longer in a positive financial position to undertake the audit and compliance role.
• The approved participant has undertaken the compliance in a negligent manner and caused the Investor to lose part or all of the incentive.
Free advice will be provided to people who contact us in any of the instances set out above. In some cases the NRAS audit and compliance responsibility may be transferred to Ethan Affordable Housing. When the incentives are transferred, the property will then be managed in accordance with our Ethan Affordable Housing NRAS model, and all of the Ethan Affordable Housing’s benefits will be afforded to the Investor.
If you are an Approved Participant who is looking for assistance in the ongoing management of incentives, delivering, or funding of your properties, or if an investor seeks advice, please feel free to contact us and speak to one of our friendly staff.