£45 million will be spent on enabling the construction of homes within Cardiff’s city region. As a result, the Housing Investment Fund should be able to build almost 3000 residences.
CBRE Capital Advisors will provide advice to the team that is leading the project.
The Housing Investment Fund is split in two. £35 million is going directly towards the construction of buildings, while £10 million will be used to support businesses in the area. The funding is not going to be restricted to the boundaries of a single local authority.
Nicola Somerville, who works for the Cardiff Capital Region, told Business Live:
"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."
Somerville is aware that the scheme should not simply address market failure in the housing sector. Part of her focus is directed to the development of fresh communities, and this emphasis fits in with her vision of inclusive growth.
Brochure printing can be useful in the property business to advertise homes to prospective buyers.
Without the regional City Deal, the Cardiff housing initiative would have been improbable. The hope is that public investment will stimulate spending by the private sector.