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Welsh government pumps extra £24m into affordable housing as building target deadline looms
The Welsh government will immediately inject an extra £24m into affordable housing as its target to deliver 20,000 sub-market homes by 2021 looms large.
It said the additional cash will provide “an immediate funding boost to shovel-ready schemes across the country”.
Most of the money will take the form of loans for the Welsh government’s Help to Buy Wales and Property Loan schemes.
Welsh ministers have set a target to deliver 20,000 affordable homes in the current Welsh Assembly term, which runs from 2016 to 2021.
By the end of 2018/19, 13,143 had been delivered, leaving 6,857 to go in the remaining two years.
An average of 2,485 affordable homes have been built annually in Wales during the first three years of the target period.
This figure will need to rise to an annual average of 3,429 for 2019/20 and 2020/21 for the target to be reached.
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Housing minister Julie James said the Welsh government is “on track” to meet the target.
The 20,000-home target includes at least 6,000 homes delivered through the Help to Buy Wales scheme and 13,500 built by housing associations and councils.
More than 6,500 homes had already been delivered through Help to Buy Wales by the end of September.
The extra £24m includes £6m for the Social Housing Grant programme, which the Welsh government said would see 70 additional homes built.
It brings the total value of the grant programme to £127.2m for 2019/20, including a £50m boost last June.
The remaining £17.8m will be provided as loans through the Help to Buy Wales and Property Loan schemes.
It forms part of a £108m capital investment package for 2019/20 in ministers’ key priority areas.
In its draft budget for 2020/21, published in December, the Welsh government pledged an extra £133m to support affordable housing delivery, including £48m for Social Housing Grant and £50m for loans.
Ms James said: “Ensuring everyone can have a good quality, affordable home is my number one priority as Wales’ housing minister.
“So I’m pleased to be able to report we are on track to delivering the 20,000 new affordable homes we promised as part of our Programme for Government – with 65% of homes already delivered.
“But we want to build more homes, at pace, and at scale.
“The additional investment I am announcing today will help us meet that pledge, helping to boost the construction sector and ensuring people have the home they need, which supports a healthy, successful and prosperous life.”
Stuart Ropke, chief executive of Community Housing Cymru, said: “This new money towards social housing by Welsh government is a huge boost to our work to build the genuinely affordable homes that Wales needs.
“We look forward to continuing working together to deliver on our joint commitment of 20,000 homes by 2021.”
Inside Housing Development Summit 2020
Inside Housing is pleased to join forces with Homes England and the LGA to introduce the Inside Housing Development Summit.
Taking place on 27-28 April 2020, the summit will gather together local authorities, housing associations, developers, fund managers and advisors for a Chatham House style event focussed on making new connections and exploring new delivery models.
The summit will take place over 28 hours, starting with an afternoon plenary on 27 April, an exclusive development site study tour to Northstowe, England's largest new town since Milton Keynes, followed by a business dinner.
The second day will provide opportunities to network with a range of senior Homes England and LGA staff including Nick Walkley, chief executive of Homes England and Mark Lloyd, chief executive of LGA.
You’ll also meet with leaders from across the development ecosystem and take part in group discussions to help you connect and explore new opportunities. All accommodation and meals will be provided within the fee.
Places for each stakeholder group are limited to ensure a balanced mix of participants and to make sure you leave with the relationships and leads you need.
Click here to book your place or for more information
