Signature(s)
Summary sheet
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.