The money will be used accelerate existing housing developments, helping builders complete construction earlier than planned, and will also fund new housing developments.
Over 50 developments will benefit from the funding, supporting the construction of around 310 new affordable homes across Wales.
The Albert Walk development in Canton, Cardiff is one scheme which is set to benefit from the funding. The Taff Housing-led development will receive £1.2 million to accelerate the construction of 15 affordable homes, freeing up funds to begin construction of future homes earlier than planned. Housing, Regeneration and Heritage Minister Huw Lewis visited the site earlier today.
“This is a fantastic boost to the housing and construction industry in Wales. The funding will help housing associations to meet their commitments earlier than planned, freeing up vital funds to begin construction of their next development months or even years ahead of schedule.
“The funding will also help increase the number of affordable homes built in Wales by supporting new housing developments.
“This package of economic support will help stimulate the construction industry whilst helping us to meet our Programme for Government commitment of increasing the supply of homes across Wales."
Every authority in Wales is set to benefit from this funding. Wales and West Housing Association have been allocated over £860,000 to support 23 affordable homes in Bridgend and around £760,000 for 70 properties in Wrexham.
Over £330,000 has been earmarked to help Cymdeithas Tai Catref to provide five affordable homes in Ceredigion while Mid Wales Housing Association has been offered £525,000 to support seven affordable homes
Rhondda Housing Association has been allocated £500,000 to support six affordable homes in Rhondda Cynon Taff.