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Affordable homes investment rises Affordable homes investment rises
(about 1 hour later)
Despite warnings targets for affordable housing provision would be affected by the economic downturn, latest figures show spending actually went up by 20%. Spending on affordable housing in Wales has gone up by 20%, despite warnings that targets would be affected by the economic downturn, latest figures show.
The Community Housing Cymru (CHC) also says housing associations are now halfway to meeting a commitment to build 6,500 affordable homes by 2011. Housing associations are now halfway to meeting a commitment to build 6,500 affordable homes by 2011, says Community Housing Cymru (CHC).
Last year, analysts warned the assembly government's target might be jeopardised by the economic downturn. Last year, analysts warned that the assembly government's target might be jeopardised by the economic downturn.
But the latest study says £487m was spent by CHC members in 2008 and 2009.But the latest study says £487m was spent by CHC members in 2008 and 2009.
According to the research by Cardiff Business School for CHC, 80% of the money spent on new affordable homes was kept within Wales.According to the research by Cardiff Business School for CHC, 80% of the money spent on new affordable homes was kept within Wales.
We know that there are further challenging times ahead but... by working collaboratively we can achieve great results and help the Welsh economy Ian Williams, CHC We know that there are further challenging times ahead but... by working collaboratively we can achieve great results and help the Welsh economy Ian Williams, Community Housing Cymru
The report estimates that combined impact of the building programmes was worth just short of £1bn over the period to the Welsh economy.The report estimates that combined impact of the building programmes was worth just short of £1bn over the period to the Welsh economy.
"The figures in this report are very encouraging and members are certainly doing their bit to help the Welsh economy," said Nick Bennett, CHC's chief executive."The figures in this report are very encouraging and members are certainly doing their bit to help the Welsh economy," said Nick Bennett, CHC's chief executive.
RegenerationRegeneration
He said the voluntary housing sector had "well and truly" delivered.He said the voluntary housing sector had "well and truly" delivered.
Overall, 2,142 new houses classed as affordable were built in 2008/09.Overall, 2,142 new houses classed as affordable were built in 2008/09.
The report also found that money spent on regenerating housing had also increased by 22%, with £257m spent repairing homes and developing new construction sites.The report also found that money spent on regenerating housing had also increased by 22%, with £257m spent repairing homes and developing new construction sites.
The study's findings come a year after a report by the Welsh Economy Research Unit at Cardiff Business School for CHC warned that the government's wish for 6,500 new homes may need to be reviewed in light of the recession.The study's findings come a year after a report by the Welsh Economy Research Unit at Cardiff Business School for CHC warned that the government's wish for 6,500 new homes may need to be reviewed in light of the recession.
However, in December last year, ministers announced a further £42m in capital funding to help deliver the target.However, in December last year, ministers announced a further £42m in capital funding to help deliver the target.
The key messages of the report will be presented to delegates at the CHC's housing conference in Cardiff on Thursday.The key messages of the report will be presented to delegates at the CHC's housing conference in Cardiff on Thursday.
Ian Williams, the CHC chairman added: "We know that there are further challenging times ahead but the figures in this report prove that by working collaboratively we can achieve great results and help the Welsh economy on the road to recovery."Ian Williams, the CHC chairman added: "We know that there are further challenging times ahead but the figures in this report prove that by working collaboratively we can achieve great results and help the Welsh economy on the road to recovery."