Building firms in England have been allocated just £1 million of the £525m Builders Finance Fund (BFF).
The BFF was launched in April 2014 as a "key part" of the government's long-term economic plan. The government set a target of building one million new homes by 2020 after years of missing building targets.
The scheme was designed to boost house-building by offering loans to builders with planning permission for 15-250 homes.
The government said there had been "high levels" of interest in the fund from builders.
"Work on nearly 13,000 homes stalled by the 2008 housing crash are set to be restarted thanks to half a billion of government investment," the Homes and Communities Agency (HCA) said in September, claiming that 160 projects had been shortlisted for the fund.
But according to a Freedom of Information request from the BBC, just two projects have benefited from the scheme.
The HCA revealed that £1,869,046 had been offered to a development company in Cornwall, but more than £650,000 of that has since been withdrawn. And a full £400,000 was lent to a developer in Essex.
Rico Wojtulewicz, policy advisor for the House Builders' Association, said: "The government stated that the fund would bring 13,000 new homes but that has clearly not been the case over the past year.
"More attention should be put into how to increase take-up."
A HCA spokesperson said: "We are supporting the government's objective to get Britain building again, and deliver thousands of new homes for hard working families including affordable homes.
"The Builders Finance Fund is an important part of this."