Investors
Overview
The Housing Finance Corporation offers investors a stable platform for long-term investment in the UK’s affordable housing sector. Investors gain access to a diversified pool of high-quality housing association borrowers, delivering reliable returns backed by strong liquidity and prudent risk management.
Our Difference
We combine experience, partnerships, and a proven record of innovation to deliver flexible, long‑term finance that helps housing associations build and improve affordable homes across the UK.
Investment-grade Platform
Strong, stable credit ratings and Financial Conduct Authority registration provide transparent, independent assurance of credit quality, financial strength and oversight.
Specialist Structure
Not for profit, mutual model focused solely on financing regulated housing associations, aligning prudent risk management with client outcomes.
Scale and Access
£7.9bn originated to over 149 housing associations across all four UK nations, offering meaningful issuance scale, portfolio liquidity and access to long dated, secured social housing assets.
Diversified, Secured Exposure
Pooled lending to a broad mix of regulated housing associations, with fully secured, covenanted loans and ongoing borrower monitoring.
Our Numbers
As a long‑standing mutual dedicated to affordable housing, we provide an investment‑grade platform offering stable, diversified exposure to the UK’s regulated sector. Our deep expertise and disciplined credit management have delivered consistent performance and strong ratings for over three decades. The figures below highlight our scale, credit strength, and lasting commitment to the sector.
£7.9bn
Total Capital Outstanding
Delivering vital financing to strengthen and grow affordable housing communities across the UK
A+
S&P Rating for The Housing Finance Corporation Group
Reaffirmed in September 2025
A2
Moody’s Rating for Blend Funding Plc
Reaffirmed in June 2025
Our Vehicles
The Housing Finance Corporation provides a range of financing vehicles to support the UK affordable housing sector. Its core approach is to issue bonds and on-lend proceeds to registered housing associations, offering clients access to long-term, low-cost funding that supports both new affordable housing schemes and investment in existing homes.
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Open for new investment
Blend Funding Plc
Blend Funding Plc, established in 2018, is a financial aggregator who provides much-needed, competitively priced bond finance to housing associations across the UK.
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Open for new investment
THFC Sustainable Finance Plc
THFC Sustainable Finance Plc (“TSF”) was incorporated in September 2021 and in March 2023 established a £2Bn Medium Term Note (“MTN”) Programme for the purposes of issuing notes to fund loans to housing associations under varying maturities and interest rates.
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Closed for new investment
Affordable Housing Finance Plc
Affordable Housing Finance Plc (AHF), a subsidiary of The Housing Finance Corporation, was incorporated in 2013. On 19 June 2013 AHF was awarded the licence to provide guaranteed funding under the Government’s Affordable Housing Guarantee Scheme.
Further Information
- Financial Statements
- Credit Opinion
- EMTN Programmes
- Investor Presentations
- Managed Company Information
- Loan Portfolio
- Sustainable Bond Framework
- Group Tax Strategy
- Valuation Methodology
Please find the latest financial documentation available to download.
Downloads
The Housing Finance Corporation Annual Reports
- Annual Report and Accounts 2025
- Interim Report and Accounts 2024
- Annual Report and Accounts 2023
- Interim Report and Accounts 2023
- Annual Report and Accounts 2022
- Interim Report and Accounts 2022
- Annual Report and Accounts 2021
- Interim Report and Accounts 2021
- Annual Report and Accounts 2020
- Interim Report and Accounts 2020
The Housing Finance Corporation maintains an A+ (stable) rating from S&P Global Ratings, reaffirmed in September 2025.
The Housing Finance Corporation maintains a close relationship with the UK Government, EIB, NHF and the Regulator of Social Housing. Since our founding, we have remained committed to providing vital financing to the affordable housing sector.
Downloads
S&P 2025 Ratings ReportThe Housing Finance Corporation raises debt through EMTN programmes to on-lend to registered housing associations across the UK. The Programme Memorandum, also known as the Offering Circular, provides detailed information about each security listing. It is available for download and includes key details about the issuer, the purpose of the debt issue, its terms, and other relevant information for investors
Downloads
EMTN Programme Memorandums
2025 Investor Presentation
Downloads
Capital Markets Day 2025Historic Investor Presentations
The Housing Finance Corporation (Funding No.1)
Funding No. 1 is a non-consolidated company. All funds raised are on-lent to The Housing Finance Corporation at the cost for on-lending to housing associations. The entire issued share capital of its holding company, T.H.F.C. Funding (Holdings) Limited, is held by The Housing Finance Corporation (Services) under a declaration of trust.
It was incorporated in November 2004 to act as the issuing company for secured bonds currently carrying an A rating from Standard & Poor’s rating agency. Funding No. 1’s rating is achieved partly through the addition of a bespoke liquidity facility provided by Royal Bank of Scotland Plc (RBS). Funding No. 1’s rating is therefore linked to the short-term rating of the liquidity provider (currently Royal Bank of Scotland Plc). In January 2014, the rating of RBS was downgraded and, under the terms of the liquidity facility agreement between Funding No.1 and RBS, Funding No.1 has made a standby drawing of the entire liquidity facility commitment. The standby drawing is repayable on the earlier of the provider being upgraded to the requisite rating or the legal maturity date of the secured bonds.
Downloads
The Housing Finance Corporation (Funding No.2)
Funding No. 2 is a non-consolidated company. All funds raised are on-lent to The Housing Finance Corporation at the cost for on-lending to housing associations. The entire issued share capital of its holding company, T.H.F.C. Funding (Holdings) Limited, is held by The Housing Finance Corporation (Services) under a declaration of trust. It was incorporated in June 2009 to act as the issuing company for secured bonds currently carrying an A rating from Standard & Poor’s rating agency.
Downloads
The Housing Finance Corporation (Funding No.3)
Funding No. 3 is a non-consolidated company. All funds raised are on-lent to The Housing Finance Corporation at the cost for on-lending to housing associations. The entire issued share capital of its holding company, T.H.F.C. Funding (Holdings No.3) Limited, is held by The Housing Finance Corporation (Services) under a declaration of trust. It was incorporated in September 2011 to act as the issuing company for secured bonds currently carrying an A rating from Standard & Poor’s rating agency. Like all other lenders to The Housing Finance Corporation, Funding No. 1, Funding No. 2 and Funding No. 3 have a pari passu floating charge over The Housing Finance Corporation’s assets.
Downloads
Haven Funding Plc and Haven Funding (32) Plc
Since 1999, The Housing Finance Corporation (Services) has provided loans administration and company secretariat services to Haven Funding Plc and Haven Funding (32) Plc.
As at 31 March 2025 these companies had loans outstanding of £189.8m (nominal) made to 12 housing associations funded by bond issues arranged by a third party investment bank.
Downloads
Annual Reports - Haven Funding Plc
Downloads
Annual Reports - Haven Funding (32) Plc
Harbour Funding Plc
In August 2003, The Housing Finance Corporation (Services) was appointed as loans administrator and company secretary to Harbour Funding Plc, a special purpose vehicle that issued bonds into the UK market and lent the proceeds to four large-scale voluntary transfer housing associations.
At 31 March 2025 Harbour Funding Plc had loans outstanding of £206.3m (nominal).
Downloads
Sunderland (SHG) Finance Plc
Since 2001, The Housing Finance Corporation (Services) has provided loans administration and company secretariat services to Sunderland (SHG) Finance Plc which as at 31 March 20125 had £192.9m (nominal) in loans to Gentoo Group (formerly Sunderland Housing Group) on-lent via T.H.F.C. (Capital) Plc.
Downloads
UK Rent (No.1)
UK Rents is a subsidiary company established in 1994 solely for the purpose of issuing bonds with a current long-term rating of A3(SF) (Moody’s Investor Services, “Moody’s”) achieved through a rental securitisation, and using the funds raised to purchase rent receivables from housing associations.
Downloads
Annual Reports
The Housing Finance Corporation has been issuing bonds with a social purpose since it was founded over thirty years ago. In recognition of emerging ESG-related market conventions, The Housing Finance Corporation launched its Sustainable Bond Framework in 2021 to allow for the issuing of Social and Sustainability bonds. This framework supercedes teh company’s previously published Social Bond Framework. Vigeo Eiris provided the Second Party Opinion for both frameworks, rating The Housing Finance Corporation’s contribution to sustainability with its highest ‘Advanced’ category. The reporting obligations set out in the Sustainable Bond Framework are aligned with the social housing sector’s Sustainability Reporting Standard (SRS), of which The Housing Finance Corporation is an adopter.
Downloads
Sustainable Bond Framework
The Housing Finance Corporation publishes its Group Tax Strategy annually, as required by UK legislation. This promotes transparency and accountability in tax matters.
Our strategy sets out our approach to tax risk management, tax planning, and compliance with HMRC and all relevant regulations. We are committed to acting with integrity and responsibility, supporting our mission to enable affordable housing across the UK.
Downloads
Tax Strategy - 31 March 2024Downloads
Social Housing Valuation Methodology
Contact Us
We’re here to help you channel finance into lasting impact. Get in touch to explore how we can support your mission – one home, one partnership at a time.
Contact Details
Location
3rd Floor, 17 St. Swithins Lane,
London, United Kingdom, EC4N 8AL