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15/05/2009
New Approach To Lending For Housing Associations In Wales Considered
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The Welsh Assembly Government is looking at a new model for housing associations to access private funding, Deputy Housing Minister Jocelyn Davies AM announced.
The Deputy Minister revealed that she is examining plans to securing resources for housing and make existing budgets stretch further including a proposed Welsh Housing Bond and Local Authority mortgages, at the Community Housing Cymru annual conference in Llandrindod Wells.
Ms Davies told delegates: "We have been examining ways to secure lending into the future and make existing resources stretch further. The Welsh Assembly Government and the Principality Building Society have commissioned work on the development of a Welsh Housing Bond. A draft model will be ready shortly, and if it's workable the intention is to secure access to private capital of up to £200m, to fund investment by Housing Associations using a range of funding sources including the European Investment Bank.
"Also being worked up is a model for an intermediate rent product aimed at increasing the range of rental options available in the housing market. It's directed at those who cannot afford to pay the market rate, but can afford to pay a rent that is higher than our current 'benchmark' rents. Even if the model looks workable it may not be suitable for use everywhere. I'm convinced though, that we need to increase the range of options."
Ms Davies added: "The Welsh Assembly Government has already taken action to create more affordable housing. A major success has been securing an additional £42 million of funding from the Strategic Capital Investment Fund to provide up to 500 more homes by 2011. We brought forward £12 million of Social Housing Grant in 2008-09 and I recently announced a further £28 million will be available in 2009-10 to support Registered Social Landlords schemes scheduled in later years.
"We have also provided £9.5million in funding for our Mortgage Rescue Scheme and to date we have approved grant funding of £5.8 million which will help 88 families. Of this £2.3million has already been paid out for 36 purchases that have been achieved. The remainder are going through the process of being acquired. An estimated total of up to 150 families will be helped."
(CD/JM)
The Deputy Minister revealed that she is examining plans to securing resources for housing and make existing budgets stretch further including a proposed Welsh Housing Bond and Local Authority mortgages, at the Community Housing Cymru annual conference in Llandrindod Wells.
Ms Davies told delegates: "We have been examining ways to secure lending into the future and make existing resources stretch further. The Welsh Assembly Government and the Principality Building Society have commissioned work on the development of a Welsh Housing Bond. A draft model will be ready shortly, and if it's workable the intention is to secure access to private capital of up to £200m, to fund investment by Housing Associations using a range of funding sources including the European Investment Bank.
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"Also being worked up is a model for an intermediate rent product aimed at increasing the range of rental options available in the housing market. It's directed at those who cannot afford to pay the market rate, but can afford to pay a rent that is higher than our current 'benchmark' rents. Even if the model looks workable it may not be suitable for use everywhere. I'm convinced though, that we need to increase the range of options."
Ms Davies added: "The Welsh Assembly Government has already taken action to create more affordable housing. A major success has been securing an additional £42 million of funding from the Strategic Capital Investment Fund to provide up to 500 more homes by 2011. We brought forward £12 million of Social Housing Grant in 2008-09 and I recently announced a further £28 million will be available in 2009-10 to support Registered Social Landlords schemes scheduled in later years.
"We have also provided £9.5million in funding for our Mortgage Rescue Scheme and to date we have approved grant funding of £5.8 million which will help 88 families. Of this £2.3million has already been paid out for 36 purchases that have been achieved. The remainder are going through the process of being acquired. An estimated total of up to 150 families will be helped."
(CD/JM)
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