INSTITUTIONAL developers are being encouraged to submit applications, for the third stage of the Federal Government's National Rental Affordability Scheme.

The scheme gives developers incentives of almost $8,700 per dwelling built, with the properties then rented out at a substantial discount to market rates.

More than successful 10,500 applicants, including groups such as teachers, have already taken advantage of the government hand-out.

The Australian Government today formally established a significantly expanded National Rental Affordability Scheme.

Building approvals were down by 2.8 per cent in October due to a 10.4 per cent dip in the multi-unit segment. Detached house approvals posted a very small rise of 0.9 per cent to a level of 9,458.