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Welsh Government ministers have announced a £40m loan fund to help small and medium-sized (SME) builders unlock stalled sites.
The loan fund has a four-year repayment term and the Welsh Government expects it to be recycled four times over the next 17 years – meaning up to £160m will be available between now and 2035.
Rebecca Evans, housing and regeneration minister for the Welsh Government, said: “We are committed to delivering 20,000 affordable homes in Wales during this term of government, and SME builders are key to helping us achieve this.
“By supporting them to develop more sites, we won’t just be supporting them to increase the supply of housing, but to grow their businesses, support more skilled jobs and contribute to the local economy.
“We know that many SMEs moved away from housebuilding following the recession 10 years ago and have not returned to development. I believe this fund can help them to do this, ensuring a diverse housing sector and more homes being built.”
Research carried out in 2015 by the Welsh Government suggested building had stopped on 7,600 homes across 400 sites in Wales for various reasons, including viability and a lack of access to funding.
The Welsh Government has a target to build 20,000 affordable homes during this Assembly term, with private builders expected to develop around 7,000 of those.