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In December, Ms Davies announced that the Strategic Capital Investment Fund (SCIF) money would be available for Housing Associations to buy unsold homes and plots from private contractors.
The money has been given to Local Authorities to create up to 500 new affordable homes. This will help the Assembly Government to reach its ambitious target of creating 6,500 more affordable homes.
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Ms Davies explained: "One of our aims was to help the most vulnerable families in Wales to get good quality affordable housing. This action has also provided a cash flow to the construction industry, keeping people in work and supporting jobs.
"The funding allows Housing Associations to increase the number of affordable homes and inject liquidity into the construction industry.
"Registered Social Landlords will be seeking to meet housing need in the economic crisis while achieving value for money."
Cadwyn Housing Association used some of its money to help purchase two properties at Whitworth Square housing estate in Whitchurch, Cardiff from Bellway homes adding to its existing stock on the estate.
Families have already moved into these new properties. Davina Lyon has found the move has made a big difference to her family. In her previous home her three children were sharing one bedroom.
Ms Lyon said: "My family and I are really happy with our new home. It’s made a big difference to our lives. Before, my children all had to share 1 bedroom, but now the 2 oldest have their own room. They are starting school next week, which is at the end of the road."
(CD/JM)
