The Welsh Government has made £90m in low interest loans
available to Registered Social Landlords (RSLs) to deliver more
homes for people across Wales.
The loans will help the housing sector with the escalating costs
of debt and support the delivery of 277 affordable homes, with
119 to be delivered this Senedd term, and improvement works to
4,397 existing homes.
Improvement works will help bring homes up to the Welsh Housing
Quality Standard, making sure they are affordable to heat and fit
for the future.
The low-cost loans range between £5m and £10m and highlight the
Welsh Government's continued commitment to achieving value for
money and maximising all avenues to increase affordable housing
supply.
The Welsh Government successfully introduced the loan scheme in
2023-24, issuing more than £75m in loans to RSLs to bring forward
over 450 additional homes in the social sector.
The Cabinet Secretary for Housing and Local Government, , recently visited the Michael
Groves development in Llanharan managed by Valleys to
Coast.
The homes were delivered under the previous loan scheme and help
achieve our ambition for mixed tenure developments, bringing
homes for social rent, low-cost home ownership and open market
sales together to create stronger more resilient
communities.
The Cabinet Secretary said: “We have been listening and working
closely with the sector to help them navigate the escalating
costs of building homes and borrowing.
“The homes here in Michaels Grove exemplify the real power of
this type of funding to deliver beautiful homes that are
affordable to run and that enrich our communities.
“We need more affordable and energy efficient homes now and for
the future and it is so important that we continue to explore
innovative ways to increase the supply of housing for individuals
and families across Wales.”
Joanne Oak, Group Chief Executive of Valleys to Coast, said:
"This funding has allowed us to secure nine additional homes for
families as part of a wider acquisition of 20 homes at this mixed
development site.
“We are grateful to the Welsh Government for its support in
enabling us to deliver the best possible affordable housing
solutions and support for local people, helping us create safe
and happy homes and communities where our customers feel they
belong.”
