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Pilot scheme: More Cost Effective Homes - Cadwyn Housing Association

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

Cadwyn Housing Association has developed a framework that will facilitate the purchase of property from the open market enabling the association to provide homes more cost effectively.

The housing association considers this a good opportunity to purchase existing properties more cost effectively, particularly in the current economic climate.

They propose to purchase existing properties cost efficiently to update and/or adapt to current standards instead of building new homes. As part of the proposal, the association commits to bring the properties up to Welsh Housing Quality Standard.

The properties will be managed as core stock, including planning for future investment, in the same way as new build properties. The homes will then be let at intermediate rent levels.

The Welsh Government will be providing funding of up to £200,000 for this pilot initiative as part of their commitment to increase affordable housing in Wales.