The money will support a wide range of schemes in both public and private sector housing, and is in addition to the£145.6m funding the assembly has already announced and which will be available to local authorities for housing next year and the£56.4m available to Registered Social Landlords.
Mr Law said: 'Local authorities and social landlords now have the opportunity to work with the private sector and voluntary organisations to make a very significant contribution to tackling those local issues which are of most concern to their communities.
'In addition to improving housing and the living conditions for both the homeowners and tenants alike, the schemes we are supporting will play an important role in helping regenerate communities.
Supplementary Credit Approval is issued to allow local authorities to access resources for capital expenditure and is for a specified amount of money over a specified time period.
A breakdown of the allocations by local authority is attached.
(All figures in£ millions)
Isle of Anglesey
Rhondda Cynon Taff
Vale of Glam