The following diagrams provide an illustrative sample of the property structures that are currently being utilized within the Scheme.

1. Direct NFP Ownership
   
2. Rental Unit Trust
   
3. NRAS Consortium that is non-entity joint venture and includes appointment of NFP as Property Manager
   
4. Head Lease comprising NRAS Consortium
   

Issues requiring the consideration of parties contemplating participation in the NRAS and who are assessing the merits of individual property structures may include:

• Apportionment of liability in the event of non-receipt of the incentive;
• Occupier's liability for damage arising from defects in property;
• Protection of longer term security of tenure for residential tenants;
• Consequences of sale of approved rental dwelling for ongoing receipt of Incentives;
• GST concessional benefits flowing from charitable status; and
• Potential application of the Managed Investment Scheme and Australian Financial Services Licensing provisions of the Corporations Act 2001 (Cth) where the NFP is an Approved Participant.