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Housing Finance Grant

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The Minister with responsibility for housing, Lesley Griffiths, visited an affordable housing development in Aberdare town centre to meet with tenants and take a look around their new homes.

Our innovative scheme has funded the building of over 1,000 affordable homes throughout Wales using an alternative form of finance.

With our assistance, 19 Welsh Registered Social Landlords (RSLs) worked together to bring a new source of finance to the sector.

We made available a £4m yearly funding stream, which started in 2013-14, to assist Registered Social Landlords with the repayment of this finance over the next 30 year period. This funded the development of 70 projects delivering affordable housing across Wales.

M&G Investments and Affordable Housing Finance were the chosen funding providers who supported the building of over 1,000 affordable homes with £130m of investment.

The successful building schemes were chosen by local authorities to help meet the housing needs in their areas. These new homes are a mix of social rented, intermediate and extra care schemes therefore providing for a variety of needs.

Housing Finance Grant 2

Following an announcement made by the Finance Minister on 24 June 2014, the current target of 1,000 affordable homes to be built through the Housing Finance Grant (HFG) will increase to 2,500 due to plans to fund a second phase of the scheme.

Building on the success of the HFG, the new phase of the scheme will create an estimated 3,750 additional jobs.

The second phase will make available a yearly funding stream of £9m. It will begin in 2017-18 for a 30 year period. Funding from the HFG2 budget will be made available to Stock Retaining Local Authorities who wish to develop.

Please email our Innovative Finance team for further details.

Email: InnovativeFinance@Wales.GSI.Gov.UK