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A Framework Loan of up to GBP 400m to The Housing Finance Corporation, a not-for-profit financial intermediary for the UK social housing sector. The underlying schemes will be small to medium-scale (investment cost below EUR 50m) retrofitting and newbuild energy-efficient programmes carried out by registered UK housing associations, with a non-exclusive focus on London.
The eligibility requirements in terms of energy efficiency gains will be set by the Bank to the highest standards. The project will also contribute to alleviating the current shortages in UK social housing supply.
The social housing schemes being financed under the operation have to comply with high environmental standards and will significantly contribute to the improvement of the urban environment. Given the expected small to medium scale, location and nature of the social housing schemes it is unlikely that an Environmental Impact Assessment as defined under the EU Directive 2011/92/EU would be required in most cases.
The final beneficiaries, registered social housing providers, 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.