The Cardiff Capital Region has launched a £45m housing investment fund, which will deliver 2,800 homes across 10 local authority areas.
The fund is divided into two sub-funds: a £35m housing viability gap fund, and a £10m SME finance fund.
Funding will be made available to local authorities on a competitive basis. Projects must each deliver a minimum of 40 homes.
It aims to unlock sites that have stalled; invest in projects that will deliver housing in areas where it is needed most; generate construction activity, jobs and sustainable developments; and enhance the long-term growth prospects of the region through improved infrastructure, increased connectivity and regeneration.
CBRE’s investment advisory team will support the CCR in managing the fund.
George Richards, senior director at CBRE Capital Advisors, said: “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.
“The fund will play a key role in ensuring there is a more holistic distribution of house building across the whole region.”
Nicola Somerville, head of inclusive growth and business development at the CCR, 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.”
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