Since August 2007 the investment world has been hit by the perfect storm, unparalleled since the 1930s and in some ways exceeding even that. In the period up to the end of the current Comprehensive Spending Round, affordable housing had received a significant settlement of £8.4Bn for the period 2008-2011. We await the outcome of the proposed CSR on October 20, but it is likely that both capital and revenue spend on affordable housing are to be cut by 25-30% across the next review period. The profiling of cuts is likely to mean that there will be pressure to maintain even the existing committed investment programme, let alone grow output of affordable homes in the next 12 to 18 months.

Continue reading Brave New World: The London Housing Economy Post CSR….

There is current increasing interest in the application of the Department for Energy and Climate Change’s (DECC) Feed in Tariff (FIT) scheme to tackle fuel poverty in Housing Associations. THFC is currently investigating whether it can put together a wholesale funding package for such schemes. In the meantime we have been funding a number of regeneration projects using long term EIB funds which incorporate energy saving features in both construction and design. We visited one of the very best of these, Mariners Quay, in Newport Old Town Docks last week, being developed by Seren Housing. This large scale Eco Grade 5 scheme has just been awarded a Zero Carbon Award. Read on and be impressed!

Continue reading Carbon Neutral Housing

The Housing Finance Corporation (THFC) invests £13m of funds sourced from the European Investment Bank (EIB) into two sites in Hackney being built for Genesis Housing Group and Network Housing Group. Between both schemes, the saving for the duration of the loan compared to bank funding adds up to over £2m. EIB’s AAA credit rating provides the cheapest long dated fixed source of funds available to housing associations. This saving allows grant to be spread further and allowing more developments to take place.

Continue reading What does £2m buy you?

On Wednesday last week, THFC gave a presentation to a group of Scottish associations concerning the potential for distributing European Investment Bank (EIB) loan finance to them. This funding is cheaper than any other lenders’ rates and is specifically targeted at the financing of urban regeneration schemes.

Continue reading European Funding for Scottish Associations – Update

THFC will be in Edinburgh on Wednesday 20 May to give a presentation on European Funding opportunities for Scottish Associations. This is the outcome from a recent visit to members of the Scottish Government Housing Team and The Scottish Housing Regulator in Glasgow to discuss opportunities for THFC to lend European Investment Bank (EIB) urban regeneration funding to Scottish Associations.

Continue reading European Funding for Scottish Associations

Belfast has seen major upheaval over the last few decades both for good and for bad reasons. On the downside, there has been industrial decline. In their heyday the dockyards employed a large proportion of the workforce and completed high profile projects such as the ill fated Titanic. Sampson and Goliath the two huge crane gantries still loom large on the horizon of the city as listed monuments, reminding all who pass by of an illustrious past.

Continue reading The Social Housing Market and EIB funding in Northern Ireland