An additional £136m has been confirmed for affordable housing development, flooding schemes and regeneration projects across Wales in the final budget 2017-18.
The vote on the final Budget 2017-18 will be held on January 10, 2017.
As part of the final budget, an extra £33m of capital funding will support the work of Natural Resources Wales and local authorities on priority flood risk management schemes over the next four years. This is in addition to the £150m innovative coastal risk management scheme which will start in 2018.
A further £53m of capital funding has been allocated to accelerate the delivery of the Welsh Government’s key commitment to deliver 20,000 affordable homes over the course of this Assembly term – in total £1.36bn of capital will be invested in delivering this ambitious commitment to create more affordable homes.
The Welsh Government will invest £50m of capital in regeneration programmes. This funding will focus on Wales’ most disadvantaged communities and support wider government ambitions, including the Ministerial Taskforce for the South Wales Valleys Taskforce, the Metro and the city deals.
Finance Secretary Mark Drakeford today said:
“The final Budget 2017-18 provides ambition and stability in uncertain times.
“Following the publication of our draft spending plans in October, we have reflected on the issues raised and the feedback we received during the budget scrutiny process.
“We have provided a capital boost for the areas we know need additional support – flooding and regeneration – while also accelerating key priorities such as delivering 20,000 affordable homes.
“This funding will benefit individuals, families and strengthen communities across Wales.”
Welsh Government Ministers will be announcing further details about the specific allocations in the coming weeks.
Lesley Griffiths, Cabinet Secretary for Environment and Rural Affairs, said:
“Earlier this year we promised the people of Wales that we would make further investment in flood alleviation across Wales to protect homes and businesses. I am delighted we have been able to deliver on this promise.”
Communities and Children Secretary Carl Sargeant added:
“This extra funding is excellent news for communities throughout Wales. It will make a significant contribution to achieving our target of providing an additional 20,000 affordable homes and regenerating the communities in which people live and work.
“Both housing and regeneration are about far more than bricks and mortar and can make a real difference to the lives of individuals and communities as a whole.“