Investors
Overview
The Housing Finance Corporation offers institutional investors a stable, purpose‑driven platform for investment in the UK’s affordable housing sector. Through a long track record in the capital markets, we provide transparent, investment‑grade exposure to a diversified pool of regulated housing associations (HAs) across the UK, underpinned by disciplined risk management, robust security and a clear social purpose focused on safe, affordable and sustainable homes.
Our Multi-Vehicle Approach
Our multi-vehicle platform provides HAs with flexible access to capital markets, expanding our capacity to support the affordable housing sector. It broadens access while maintaining strong issuer ratings and delivers aggregation and pricing benefits for investors.
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Open for new investment
THFC Sustainable Finance (TSF)
Providing low‑cost, National Wealth Fund (NWF) guaranteed retrofit funding to support HAs’ decarbonisation programmes.
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Open for new investment
THFC Sustainable Finance 2 (TSF 2)
Providing secured, unguaranteed bond finance for retrofit and wider corporate purposes alongside TSF.
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Open for new investment
THFC Sustainable Finance 3 (TSF 3)
Providing secured, unguaranteed bond finance for retrofit and wider corporate purposes alongside TSF.
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Open for new investment
Social Housing Finance 1 (SHF 1)
Providing secured bond finance to investment-grade HAs initially falling outside the scope of Blend and UHF.
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Open for new investment
Social Housing Finance 2 (SHF 2)
Providing secured bond finance to investment-grade HAs initially falling outside the scope of Blend and UHF.
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Open for new investment - currently not utilised
Urban Housing Finance (UHF)
Providing secured bond finance to investment-grade HAs initially falling outside the scope of Blend.
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Pending launch
Temporary Accommodation Funding (TAF)
Providing a funding solution for lower cost, long term temporary accommodation.
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Pending launch
Shared Ownership Funding (SOF)
Providing investment-grade debt for shared ownership portfolios held by housing associations in the UK.
Affordable Housing Finance
Shared Principles
Our shared principles underpin every vehicle, ensuring a consistent approach to investor protection, security, liquidity and risk management.
Strong, Aligned Creditor Protections
Core loan terms cannot be diluted without investor consent, with events of default matched between funding and underlying borrower loans.
Built-In Resilience & Liquidity
Structural protections are embedded for investors in every group issuer to provide time buffers and/or reserves to mitigate any payment difficulties at borrower loan level subject to specific, transparent exceptions.
Robust Security & Borrower Responsibility
First floating charge over Issuer assets, matching secured loans to borrowers, with borrower liabilities several rather than joint.
Consistent Approach to Property Security
Prudent security standards and collateral expectations across vehicles, again subject only to specific, transparent exceptions.
Further Information
Please find the latest financial documentation available to download.
Downloads
The Housing Finance Corporation Annual Reports
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 Report2025 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).
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
Documents
The Housing Finance Corporation has supported affordable housing through bond issuance for nearly 40 years, helping housing associations access finance to build, improve and maintain homes. We launched our first Sustainable Bond Framework in 2021, reflecting the growing importance of Environmental, Social and Governance (ESG) considerations. The framework enabled us to issue Social and Sustainability Bonds, reinforcing the link between our financing and the positive social impact of the homes and communities it supports.
Our refreshed 2026 Sustainable Bond Framework builds on this foundation. It reflects current market practice while remaining focused on our core purpose: supporting investment in high-quality, affordable homes and stronger communities across the UK.
Moody’s has assessed the framework as Very Good in its Second Party Opinion. This reflects best practice across all elements except external verification of impact reporting.
We have been an adopter of the Sustainability Reporting Standard (SRS) for Social Housing since its launch in 2020, and our annual reporting aligns with the Standard.
The Moody’s SPO can be found here.
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
Group Tax Strategy 2026Downloads
Social Housing Valuation Methodology
Get in Touch
If you have any questions or enquiries, please contact a member of our Capital Markets team directly using the contact information below.
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
info@thehousingfinancecorp.com
+44 (0) 20 7337 9920
For media enquiries, please contact media@thehousingfinancecorp.com
Location
3rd Floor, 17 St. Swithin’s Lane,
London, United Kingdom, EC4N 8AL