Release date: 4 August 2005
Promoter – Financial Intermediary
The Housing Finance Corporation Limited, a dedicated, not-for-profit financial intermediary and lender to the UK social housing market.Location
Description
All projects will be part of wider urban regeneration strategies, designed to encourage economic and social revitalisation. Eligible project costs will typically include renewal, improvement, adaptation, demolition, new build and environmental expenditures. The majority of projects will focus on refurbishment, demolition, decontamination and social housing rebuild on existing “brown field” sites, primarily located within EU Objective 1 and 2 areas and/or priority “pathfinder” areas (nine government designated areas, in the North of the UK and the Midlands, suffering chronic housing problems)
Objectives
Financing of small and medium sized urban regeneration projects undertaken by regulated UK Housing Associations.
Comments
Construction.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to GBP 100 million.
Total cost (Approximate amount)
Not applicable
Environmental aspects
The sub-projects fall under Annex II of EU Directive 97/11, where the decision on the applicability of an Environmental Impact Assessment is left to national environmental authorities. The regeneration sub-projects are, in most cases, subject to the environmental requirements of prevailing public planning regulations. The sub-projects’ impact on the environment should be substantially positive, since it is likely to result in better thermal insulation and correction of non-traditional construction techniques, as a result of more stringent housing standard requirements of the Housing Corporation (the sector’s regulator). The sub-projects are also most likely to lead to more rationally planned use of inner city areas.
Procurement
Contracts for the implementation of the sub-projects are tendered in accordance with the relevant EU procurement legislation (EU Directive 2004/18 and/or 2004/17/EEC), with parallel publication of tender notices in the EU Official Journal, as and where appropriate.
Status
Signed - 22/12/2005