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Written Statement - Welsh Housing Finance Grant Scheme launch

Carl Sargeant, Minister for Housing and Regeneration and Jane Hutt, Minister for Finance

The Welsh Housing Finance Grant Scheme has been launched today.  The package includes around £120 million of Welsh Government funding over the next 30 years and will contribute directly to the building of over 1000 new affordable homes across in Wales.

Twenty Housing Associations are taking part in the scheme, with coverage across all 22 local authority areas in Wales and construction work on the first projects will commence this year.

M&G Investments are providing the main new source of finance for the Registered Social Landlords that are participating in the scheme.  The scheme itself has been developed in response to the lack of long term funding currently available from the banks and building societies.

This innovative new package will help increase housing supply and deliver quality, affordable housing to the people of Wales. The new homes that will be built under the scheme will also help meet the growing housing need of communities and boost economic activity.

Despite significant budget reductions from the UK Government, the Welsh Government is determined to standing up for Wales.  This scheme demonstrates our commitment to developing new and innovative ways of investing in affordable housing across Wales.  It is a real example of what can be achieved when the public sector and private sector work together.