THFC unveils £550m funding package for Wales, Scotland and Northern Ireland
The Housing Finance Corporation (THFC) has announced £550m of new funding for housing associations in Wales, Scotland and Northern Ireland.
The funding will be delivered through three ring-fenced programmes, with £250m allocated to Welsh providers, £200m for Scotland and the last £100m for HAs in Northern Ireland.
The funding will be available for associations in the devolved nations to finance new affordable housing development as well as investment in capital programmes such as retrofit or remediation.
THFC said the funding would give associations in Wales, Scotland and Northern Ireland “greater certainty and tailored funding” which would help them “progress stalled developments” as well as bring forward new projects and improve existing stock.
David Bridgen, senior commercial director, commercial at THFC, said: “Affordable housing demand continues to outpace delivery across Wales, Scotland and Northern Ireland. Housing associations are working hard to meet that challenge, but rising costs and competing investment pressures mean additional funding is needed to unlock viable schemes.
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“Our £550 million funding pledge demonstrates our long-term commitment to supporting the sector with financial solutions that help housing associations build and improve homes and create sustainable communities across the devolved nations. By creating dedicated funding capacity, we want to give partners the clarity and confidence they need to plan ahead, accelerate development pipelines and deliver more affordable homes for the communities that need them most.”
THFC currently holds £8.4bn in loans to associations.
Last month, the aggregator announced that it would expand its range of products to allow landlords more flexibility when looking to borrow. The expansion includes new bon structures as well as a fast-access facility.
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