THFC AFFORDABLE HOUSING FINANCE - II

Promoter – Financial Intermediary

THE HOUSING FINANCE CORPORATION LTD

Location

• United Kingdom

Description

The project involves a second EIB loan of up to GBP 1bn to a special purpose entity established by The Housing Finance Corporation Ltd (THFC) for the purpose of on-lending to final beneficiaries carrying out investments in the social housing and urban regeneration sector throughout the UK.

Objectives

The EIB loan will benefit from a UK government guarantee extended to all borrowings of the new special purpose entity (Affordable Housing Finance PLC). The project is a key component of the UK government's housing policy and economic stimulus package.

Sector(s)

• Urban development

Proposed EIB finance (Approximate amount)

GBP 1000 million

Total cost (Approximate amount)

GBP 2500 million

Environmental aspects

Compliance with the relevant EU Directives will be verified during appraisal: EU EIA Directive 2011/92/EU, EU SEA Directive 2001/42/EC, EU Habitats Directive 92/43/EEC and EU Birds Directive 2009/147/EC. The status of any environmental studies and public consultations related to the housing construction investments will be reviewed during project appraisal. Energy efficiency requirements in line with the EU Directive on the Energy Performance of Buildings 2010/31/EU will also be further assessed during project appraisal.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 29/02/2016