Release date: 20 May 2015
Promoter – Financial Intermediary
THE HOUSING FINANCE CORPORATION LTD
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.
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.
Proposed EIB finance (Approximate amount)
GBP 1000 million
Total cost (Approximate amount)
GBP 2500 million
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.
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.
Signed - 29/02/2016
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).