More than 1,000 affordable Welsh homes could be built
MORE than 1,000 affordable homes could be built in Wales thanks to a £120m scheme.
Housing associations will be able to share £4million from the Welsh government every year for 30 years to help them borrow money from a private lender.
The grants will be used to pay back the loans and interest charges.
Housing Minister Carl Sargeant said the Welsh Housing Finance Grant Scheme was part of a search for new ways of increasing the supply of homes.
“It’s vital that the private and public sectors are supported in building new homes so that we can continue to work towards - and indeed exceed - our target of providing 7,500 affordable homes during the term of this Welsh government,” he said.
International asset manager M&G Investments will lend £98m to the scheme - the main new source of finance.
An extra £58m, with no grant attached, is also being borrowed from the firm by the 20 housing associations taking part in the project.