36Meaning of market value rent

36 Meaning of market value rent

(1) The market value rent for a rental dwelling covered by an allocation is: (a) for: (i) the initial rental period for the dwelling; or (ii) the fifth or eighth incentive year for the allocation (so long as that incentive year is after that initial rental period); the market value rent assessed by a valuer under section 37; or (b) for any other incentive year (the indexed year) for the allocation that is after that initial rental period—the market value rent for the dwelling for: (i) the previous incentive year for the allocation; or (ii) if that initial rental period ends just before the indexed year—that initial rental period; indexed in accordance with the NRAS market index for the dwelling for the NRAS year in which the indexed year begins, and rounded to the next whole dollar. (2) An incentive year, for an allocation, is a 12‑month period that: (a) is in the incentive period for the allocation; and (b) begins on the first day of that incentive period, or on a 12‑month anniversary of that first day. (3) The initial rental period, for a rental dwelling covered by an allocation, is the period that: (a) begins on the day the dwelling is first available for rent under the Scheme; and (b) ends at the end of the incentive year for the allocation that includes that day.