The report highlights the programme will create more than 2,000 jobs, support 3,000 people into work and bring a further £300 million into Wales.
It is also expected to deliver 1,000 additional affordable homes and more than 2,300 homes in the private sector.
Through VVP, 11 local authorities across Wales are sharing £100 million in capital funding between 2014 and 2017. The funding is being invested in a range of regeneration projects in town centres, coastal communities and Communities First areas, with significant progress being made across Wales
An independent group was appointed to review the success of VVP to inform future funding decisions for the programme. Their report endorses the scheme’s aims and says it is generating major benefits for Welsh communities, while setting out ways the programme could be strengthened even further in future, should there be another funding round.
Minister for Communities and Tackling Poverty, Lesley Griffiths, said:”Our flagship VVP programme is at the very heart of our work to create jobs, boost the economy, increase the supply and quality of housing, and tackle poverty.
“This is why I am delighted this independent report so clearly endorses our approach to regeneration and highlights the huge impact the programme is set to have in Welsh communities.
“I would like to thank the group’s members for using their wealth of expertise in various areas to assess the success of VVP and inform future work.”