An additional £7 million investment in an innovative loan scheme is set to increase the supply of housing across Wales, Welsh Labour’ Housing Minister Lesley Griffiths has announced.
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 brings the Welsh Labour 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.
Other recent announcements to help boost the availability of housing in Wales include:
- Up to £290 million of investment from the Welsh Labour Government in the second phase of Help to Buy – Wales.
- The Welsh Labour Government has signed a pact with the Home Builders Federation to increase housing supply in Wales.
- A further £20m is being allocated to the Social Housing grant this year helping to build approximately 230 affordable homes across the country.