The Welsh Minister for Housing and Local Government, Julie James, has announced the allocation of some £20M to housing associations across Wales for the express purpose of purchasing more land on which homes can be built.
The Land for Housing scheme can provide housing associations with loan funding which is to be used to purchase land on which affordable and market homes are to be built, with the funding being recycled as the loans are paid back so that the process can continue ceaselessly.
In providing the £20M to these housing associations, the Welsh Government has increased their spending for the 2019/2020 year by £10M and is recycling £10M from previous investments in the Land for Housing scheme.
Minister James announced this funding during a visit to the Herbert Road development site in Newport, Wales, where the Pobl Group are working to deliver 215 new homes on the banks of the River Usk over the course of the next four years.
She stated: “Housing is about so much more than bricks and mortar. It’s vital that everyone in Wales has access to safe, affordable housing so they can achieve their full potential.
“We have committed to creating 20,000 affordable homes during the course of this government, and the Land for Housing Scheme is just one of ways we are investing in achieving this.
“As this is a loan scheme, when the money is repaid, we are reinvesting in new projects to deliver far more value than the £52 million invested to-date. It is an excellent example of how we are working with housing associations to build homes and improve the lives of people in Wales.
“I am pleased to have seen these homes today, which support people with different needs – and I look forward to the new Herbert Road development taking shape.”
The spokesperson for the Not-for-Profit Developer Pobl Group, Neil Barber added: “The Land for Housing Scheme is a great example of Welsh Government innovation in delivering much needed new affordable homes. This funding has enabled Pobl customers to buy or rent one of 20 beautiful new homes at Herbert Road, with many more to follow.”
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