The Project involves an EIB loan for up to GBP 500m to a special purpose entity established by The Housing Finance Corporation (THFC) for onlending to final beneficiaries investing in the social housing and urban regeneration sector throughout the UK. The loan will benefit from a UK government guarantee extended to all borrowings of the new special purpose entity (Affordable Housing Finance PLC, following a tender run by the UK Department for Communities and Local Government (DCLG). The Project is a key component of the UK government's housing policy and economic stimulus package.
The Affordable Housing Guarantee Scheme to be run by Affordable Housing Finance PLC, in conjunction with GBP 450m in supporting UK government grants, aims to deliver up to 30,000 new affordable homes to rent by 2015.
The expected size (small to medium scale), location and nature of the social housing schemes make it unlikely that an Environmental Impact Assessment as defined under the EU Directive 2011/92/EU would be required in most cases. The social housing schemes to be financed under the operation have to comply with high environmental standards and will significantly contribute to the improvement of the urban environment. The EU Directive on Energy Performance of Buildings (EPBD) was implemented into UK legislation; the transposition of the Directive's Recast (2010/31/EU) and its impact on social housing schemes will be further examined during appraisal.
The final beneficiaries are registered social housing providers. They fall under public procurement and will be required by the Bank to ensure that contracts for the implementation of the projects have been/shall be tendered in accordance with the relevant applicable EU procurement legislation.
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).
The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities. Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
The EIB is committed to achieving the highest possible level of transparency. The EIB Transparency Policy sets out how the EIB discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations.