£19m investment in Welsh housing

An additional £7 million investment in an innovative loan scheme is set to increase the supply of housing across Wales, Housing Minister Lesley Griffiths has said today.

The Land for Housing scheme provides recyclable loan funding to Registered Social Landlords (RSLs) to purchase land to build new homes.

The additional £7 million allocated in the Supplementary Budget earlier this week, brings the Welsh Government’s total investment in the scheme this year to a significant £19 million.

The funding will deliver good quality housing in areas where supply is currently low, supporting the development of approximately 870 affordable homes and 70 private market homes.

The investment will also create jobs, boost the local economy, and regenerate brownfield sites and neglected land.

The Land for Housing Scheme builds on a £3 million pilot project which ran in 2014-15 and is due to deliver approximately 200 new homes.

Minister with responsibility for housing, Lesley Griffiths, said:

“This government is absolutely committed to ensuring families across Wales are able to access a good quality home in their local area. This is why we are investing up to £290 million in the second phase of Help to Buy – Wales, and why we have signed a pact with the Home Builders Federation to increase housing supply.

“The £19 million we are investing in our innovative Land for Housing scheme this year will give Registered Social Landlords access to the finance they need to acquire land sites for development. The benefits of the scheme are set to be far reaching, delivering both affordable and private sector housing, as well as creating local jobs and training opportunities in the construction industry in Wales.”

Earlier this week Finance Minister, Jane Hutt, also announced a further £10 million for the Land for Housing scheme for 2016-17 in line with the Wales Infrastructure Investment Plan.

Jane Hutt said:

“I am proud of our track record of investing in infrastructure in order to provide long-term benefits for people across Wales. The funding we have made available this year will provide quality homes for families and support our sustained economic growth.

“This is another show of our determination to deliver the homes Wales needs. Only last week I announced that a further £20m will be allocated to the Social Housing grant this year helping to build approximately 230 affordable homes across the country.”