A developer is bringing 23 affordable homes for as part of a housing development in Gwynedd.
Beech Developments is building 45 properties at the site in Caernarfon which has been supported by a short-term loan from the Development Bank of Wales
The two, three and four-bedroom homes will be available to local residents on the housing waiting list shortly after completion this year.
Seventy per cent of the 22 houses available for sale have already been sold off-plan to members of the local community.
Matthew Gilmartin, managing director of Beech Developments, said: “We are delighted to be working with the Development Bank of Wales as well as with Cartrefi Cymunedol Gwynedd.
“There is a clear local need for quality new homes in Caernarfon and we are pleased to be able to help to meet that demand with our development.”
Ffrancon Williams, chief executive of Cartrefi Cymunedol Gwynedd, said: “As a leading provider of social housing across North Wales, we’re pleased to partner with Beech on this exciting new development at Cae’r Hendre, Caernarfon.
“With over 500 people waiting for a house for social rent in the Caernarfon area, there is a pressing need for more new homes to meet this need.”
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Claire Sedgwick, the Development Bank’s Deputy Fund Manager who structured the loan deal, said: “It’s been a pleasure working with Matthew and the team at Beech Developments again.
“They are creating high quality homes which have been welcomed by the Caernarfon community.
“To have already sold and reserved so many homes to locals is a testament to the high build standard of the development, as well as a very real need for new homes in the area.
“I look forward to a positive ongoing partnership with Beech Developments.”
Mr Gilmartin added: “We have found Claire and the team at the Development Bank to be extremely supportive of the business and look forward to working with them in the future.”
The Development Bank of Wales can invest in residential, mixed use and commercial developments through the Wales Property Fund, Wales Commercial Property Fund and the Stalled Sites Fund.
Small to medium-sized developers can get short-term loans from £150,000 up to £5 million.