Funding has been announced for the proposed residential developments on a 39-acre site of a former steelworks at Whitehead in Newport and a 16-acre plot at Eirin Park, Tonyrefail.
Up to 50% of the homes on both sites will be 'affordable'.
Announcing the funding, economy minister Edwina Hart said the Welsh government has agreed a £7m loan to the Whiteheads Development Company and a £1m loan to the Parc Eirin Development Company to deliver high quality 'affordable' homes across Wales.
The independent charity will recycle all proceeds from the developments into other similar projects around Wales.
Edwin Hart said, "Subject to planing permission, these two new projects are anticipated to create around 2,300 jobs and deliver an economic benefit in the region of £225m to the local economies. These are significant figures that will support job creation in the construction industry as well as businesses within the supply chain."
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