A £45-MILLION housing investment fund has today been launched by the Cardiff Capital Region City Deal (CCR), aimed at delivering 2,800 new homes across the region.
Called ‘Homes for all the Region’, the fund is aimed at stimulating the housing market in areas where there has been little new development.
The homes are planned across the region’s 10 local authority areas, which includes Newport, Monmouthshire, Torfaen, Blaenau Gwent and Caerphilly.
The investment will be divided into two sub-funds – a housing viability gap fund of £35 million, and an SME finance fund of £10 million.
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Funding will be made available to local authorities on a competitive basis and projects must deliver a minimum of 40 new homes.
The aim is to bring housing to sites that have stalled, invest in projects that will deliver homes in areas where it is needed most and create jobs and sustainable developments.
Nicola Somerville, head of inclusive growth and business development at Cardiff Capital Region, said: “The housing viability gap funding is an investment requirement that has been needed for some time to unlock allocated residential sites across the region to assist with the delivery of new homes.
“But the funds are not only about delivering new houses.
“For us, it is about the creation of new communities, engaging with new supply chains and providing equality of opportunity for existing residents and new, the ability to access good quality housing in an area of their choice.”
Property advisors, CBRE Capital Advisors, will provide support in managing the fund.
George Richards, senior director at the company, said the investment will provide is “a much-needed catalyst for the delivery of schemes which have previously been deemed unviable”.
“The distribution of new housing across the region has been very uneven since the global financial crisis and the fund aims to tackle this issue, ensuring the areas most in need are receiving equitable provision,” Mr Richards said.
“The fund will play a key role in ensuring there is a more holistic distribution of house building across the whole region.”
The fund is now welcoming applications.
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