In challenging times for public finances the Welsh Government will make the best use of all available resources to invest in new infrastructure, including housing, Finance Minister Jane Hutt told a housing conference today.
Speaking about the innovative ways that had been found to finance new housing projects the Minister said the Welsh Government would continue to deliver growth and jobs whilst providing safe, secure and affordable homes for those in need.
Jane Hutt said, “Housing is a key priority area in the Wales Infrastructure Investment Plan. This is why I have generated additional investment of £600m since the plan was published in 2012 to support a range of initiatives which will contribute to increasing housing supply and boosting the construction industry in Wales.
“As well as investing traditional capital in schemes such as the Social Housing Grant we have also looked for new ways of delivering additional homes. This has included the Housing Finance Grant, which will deliver around 1,000 additional affordable homes, and the Welsh Housing Partnership, which will result in around £100m of investment in affordable housing. Another major investment we’ve made is nearly £175m in the Help to Buy Wales Shared Equity Scheme which will help qualifying home buyers to buy new-build homes with as little as 5% deposit and is expected to support the construction of around 5,000 homes.
“These initiatives are representative of a successful programme of work that has been undertaken by this Government to generate significant additional investment in housing in Wales. Given the success of these initiatives we are ambitious to expand our involvement in the innovative financing of investments in housing.
“What we have to remember is the wider impact that investing in housing can have. By investing in housing we are investing in jobs, skills and communities. Growth and jobs is right at the top of the Welsh Government’s agenda and by investing in housing we can deliver growth and jobs whilst providing safe, secure and affordable homes for those in need.”
