The Welsh Government has announced £20 million to help housing associations buy land to build more affordable homes across Wales.
The Land for Housing scheme provides loan funding to housing associations to enable them to buy land to develop affordable and market housing. The funding is recycled as loans are repaid, so that more land can be purchased and more homes built.
An extra £10 million invested has been pledged between 2019/20, together with recycled funds from the repayment of previous loan awards.
The scheme is just one of a wide range of innovative, support programmes run by the Welsh Government, as it leads the way in developing new co-operative and mutual solutions to housing needs, making more and more properties available for rent and part-ownership across both urban and rural parts of Wales.
Earlier this month, Assembly Member for Mid & West Wales, Eluned Morgan, joined members of the Mid Wales Housing Association team for a visit to their new Gungrog farm site – a new development of 54 homes, occupying an attractive location between the canal and open countryside at the edge of Welshpool.
The project includes a wide range of family homes – all offering spacious layouts, insulated timber frames and attractive, traditional brick appearances.
14 of the 54 new houses on the estate have been built under the Welsh Government’s Rent to Own Programme – an initiative designed to support those who can afford to buy but are struggling to secure a deposit, enabling buyers to build up a lump sum towards their bond whist renting.
New constructions, such as these, contribute towards the Government’s aim of accelerating affordable housebuilding.
With 20,000 new affordable homes pledged by 2021, including 6,000 under the Help to Buy scheme, the Labour AM for Mid & West Wales is proud to announce that the project is on target.
Commenting on the investment, Eluned said:
“This is just one of the ways that Welsh Labour Government are delivering more, and better, homes for the people of Wales.
“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.
We believe that everyone has the right to a safe, secure, good quality home, and that’s what we’re going to fight to deliver.”