Welsh Government : Housing Finance & Social Grant
Organization : Welsh Government
Type of Facility : Housing Finance & Social Housing Grant
Country: Wales
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Website :
http://gov.wales/topics/housing-and-regeneration/grants-and-funding/housing-finance-grant/?lang=en
http://gov.wales/topics/housing-and-regeneration/grants-and-funding/socialhousinggrant/?lang=en
Housing Finance Grant :
The Welsh Government’s innovative ‘Housing Finance Grant’ scheme will fund the building of over 1,000 affordable homes throughout Wales during the next two year period using an alternative form of finance.
Related : Welsh Government RPW Rural Payments Online : www.statusin.org/9250.html
With the assistance of the Welsh Government, 19 Welsh Registered Social Landlords (RSLs) have worked together to bring a new source of finance to the sector.
The Welsh Government made available a £4 million yearly funding stream, which started in 2013-14, to assist Registered Social Landlords with the repayment of this finance over the next 30 year period. This will fund the development of 70 projects delivering affordable housing across Wales.
M&G Investments and Affordable Housing Finance are the chosen funding providers who are supporting the building of over 1,000 affordable homes over the next two years with £130 million of investment.
The successful building schemes were chosen by local authorities to help meet the housing needs in their areas. These new homes will be a mix of social rented, intermediate and extra care schemes therefore providing for a variety of needs.
The Finance Minister recently announced funding for a second phase of the scheme under the title Housing Finance Grant 2.
Housing Finance Grant 2:
Following an announcement made by the Finance Minister on 24 June 2014, the current target of 1,000 affordable homes to be built through the Housing Finance Grant will increase to 3,000 due to plans to fund a second phase of the scheme.
Building on the success of the Housing Finance Grant, the new phase of the scheme will create an estimated 5,000 additional jobs and build an additional 2,000 homes. It will begin in approximately three years time.
The second phase, like the first, will make available a yearly funding stream. It will begin in 2017-18 for a 30 year period and will finance new affordable homes.
The scheme is currently in the very early stages of development.
Please email our Innovative Finance team on InnovativeFinance@Wales.GSI.Gov.UK for any further details.
Social Housing Grant:
Social Housing Grant is a grant given to Registered Social Landlords (housing associations) by the Welsh Government.
The grant aims to provide new affordable housing for rent or low cost home ownership.
Social Housing Grant (SHG) funds housing schemes that meet local needs and priorities as identified by local authorities. Since the 1980s nearly all new social housing has been provided by Registered Social Landlords (RSLs). One of the reasons is that RSLs can raise private finance to contribute towards the cost of new schemes.
SHG can be used to provide housing for rent or low cost home ownership through new build or the use of existing buildings. SHG can be used to support:
** schemes to increase the supply of affordable housing for rent
** schemes for older people including Extracare schemes
** Homebuy – to assist people to purchase a home
** schemes to address low demand and to support community regeneration
** schemes for people who need support with independent living.
Mortgage Rescue Scheme:
The Mortgage Rescue scheme enables housing associations to buy a home, or a share of a home, from a homeowner who is facing repossession due to mortgage arrears.
Since 2011, there is no longer a separate Welsh Government budget for Mortgage Rescue. The scheme is still operating in Wales but it is only available in areas where a local authority decides that it is a priority for the use of their Social Housing Grant (SHG) allocation.
If you would like information on the scheme please contact your local authority or e-mail the Welsh Government.
Email: SocialHousingGrantProgramme@wales.gsi.gov.uk