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Plans Announced For Housing Investment

Plans Announced For Housing Investment

Funding was announced today to kick start the development of a major new housing project in Rhondda Cynon Taf that will create up to 800 jobs and deliver an economic boost of around £85m to the local economy.

The new residential development is proposed at a 16 acre site at Parc Eirin, Tonyrefail, providing up to 260 homes in the heart of Rhondda Cynon Taf and, at the same time creating a leafy urban neighbourhood, with up to 50% of the homes delivered as affordable housing.

Subject to planning consent, construction is likely to commence in the summer of 2015, with first occupation expected in early 2016. Announcing the funding today, Economy Minister Edwina Hart said the Welsh Government has agreed a £1m loan to Parc Eirin Development Company to deliver infrastructure to the housing scheme that will have a high proportion of affordable homes.

Parc Eirin Development Company is a subsidiary of Tai Tirion, a not-for-profit organisation established following an initial alliance between Welsh Government and Principality Building Society to deliver high quality affordable homes across Wales.

The Parc Eirin site becomes the third Tai Tirion project in Wales, with a £100m development underway on the site of an old paper Mill in the heart of Cardiff, and a 400 home site at Whiteheads in Newport. The independent charity will recycle all proceeds from their developments into other similar projects around Wales.

The Minister said: “Subject to planning permission this project is anticipated to create around 800 jobs and deliver an economic benefit in the region of £85m to the local economy. These are significant figures that will support job creation in the construction industry as well as businesses within the supply chain.

“They will also help transform a former brownfield site into a thriving community and provide affordable homes in places where people want to live and which are within the financial reach of young families and lower income families.

“I am also delighted Welsh Government is working with the private sector and social enterprises to create this innovative model that can be replicated and rolled out to other areas across Wales.”

Housing and Regeneration Minister Carl Sargeant added “These housing developments will bring forward a significant increase in the supply of housing and are further examples of how the Welsh Government is helping to provide affordable homes for the people of Wales.

“Increasing the number of affordable homes in Wales is my number one priority and I’m pleased that a significant proportion of these new homes will be offered at lower than market rents.”

Cllr Paul Cannon QPM, Deputy Leader of Rhondda Cynon Taf Council and Cabinet Member with responsibility for Economic Development, said: “We are pleased Rhondda Cynon Taf continues to attract such investment and welcome any initiative that supports our strategy to boost the local economy and create employment opportunities.

“The development still needs to be tested through the democratic planning process and the Council will work with the developer and other interested parties when the proposal is submitted.”

Cllr Craig Middle, Rhondda Cynon Taf Council Cabinet Member for Social Justice, added: “We have a far-reaching housing policy in place to ensure our residents, especially first-time buyers, can access the high-quality, safe and affordable homes they need. The proposals announced today, while in their early stages, could allow us to extend the number of affordable homes for residents and continue to boost the local housing market, and associated employment opportunities.”

David Ward, CEO of Tai Tirion, said: “Tai Tirion was established to address the shortage of high quality affordable housing across Wales and we are delighted to add the Parc Eirin site to our portfolio of existing developments. Each Tai Tirion development will deliver much-needed affordable housing, local employment opportunities and a boost to the construction industry in the communities in which they are located. We are committed to developing real urban communities across the country – transforming disused and neglected land into thriving neighbourhoods, and we look forward to doing just that with the Parc Eirin site.”

Find out more about affordable housing options already available in Rhondda Cynon Taf by visiting the Housing Pages.

More information:

About Tai Tirion

Established following an initial alliance between Welsh Government and Principality Building Society, Tai Tirion is a not-for-profit organisation tasked with delivering high-quality affordable homes where people want to live across Wales. Tai Tirion’s mission is to supply desirable homes that are within the financial reach of young families and lower-income households.

Tai Tirion currently has three developments underway; The Mill in Cardiff, Parc Eirin in Tonyrefail and Whiteheads in Newport.

About Parc Eirin

The Parc Eirin development will provide up to 260homes in the heart of Rhondda Cynon Taf creating a leafy urban neighbourhood, with up to 50% affordable housing. The development will deliver an estimated £85m boost to the local economy and will create up to 800 jobs.

Subject to planning consent, construction on the site is likely to commence in the summer of 2015 with first occupation expected in early 2016.

Economic assessment

Economic benefit assessed on assumption that for every £1 spent on construction provides £2.84 direct, indirect and induced economic impact.

For every £1m of investment an estimated 28.5 jobs are created.

Construction

The latest figures from the Office of National Statistics show the construction industry in Wales is outperforming the UK as a whole so these projects have the potential to support this growth and add momentum.

The longer term trend for the Index of Construction for Wales shows an 8.7 per cent increase when comparing the latest four quarters to the previous four quarters. Over the same time UK output fell by 1.3 per cent. The short term quarterly movements in the construction industry also show output increased in Wales by 2.8 per cent.

Rhondda Cynon Taf Council’s Housing Strategy and Support for First Time Buyers:

Rhondda Cynon Taf Council has a far-reaching plan in place to ensure residents have access to the homes they need. This includes:

Working with developers in the early planning stages to ensure a proportion of new homes constructed in the county borough are offered as affordable housing to first-time buyers through the Homestep scheme.
Securing external funding that enables first-time buyers to purchase older properties that are already for sale on the open market via Homestep Plus on a retained equity basis, thereby keeping the housing market moving and reducing the risk of empty or dilapidated homes.
Work with private landlords and tenants to ensure rented property is of the expected standard and tenants respect the homes and the wider community.
Working strategically to ensure new homes are built in the areas they are needed the most.
Visit www.rhonddacynontafhousing.co.uk to find out more

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