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
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
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 2026.
Downloads
S&P Ratings Report 20262025 Investor Presentation
Downloads
Capital Markets Day 2025Historic Investor Presentations
The Housing Finance Corporation (Funding No.1)
Funding No. 1 is a non-consolidated company. Its entire issued share capital is held by the Service Company under a declaration of trust. It was incorporated in November 2004 to act as the issuing company for secured bonds currently carrying an “A+ stable” long-term rating from S&P. Funding No. 1 has the benefit of a liquidity facility provided by Royal Bank of Scotland which was renewed in November 2022. Under the terms of the facility, a standby drawing can be made if the short-term rating of the liquidity facility provider falls below the minimum requirement. A standby drawing was made in January 2014 and was repaid in April 2023.
Downloads
The Housing Finance Corporation (Funding No.2)
Funding No. 2 is a non-consolidated company. Its entire issued share capital is held by the Service Company under a declaration of trust. It was incorporated during June 2009 to act as the issuing company for secured bonds currently carrying an “A+ stable” longterm rating from S&P.
Downloads
The Housing Finance Corporation (Funding No.3)
Funding No. 3 is a non-consolidated company. Its entire issued share capital is held by the Service Company under a declaration of trust. It was incorporated during June 2009 to act as the issuing company for secured bonds currently carrying an “A+ stable” longterm rating from S&P.
Downloads
Haven Funding Plc and Haven Funding (32) Plc
Since 1999 the Service Company has provided loan administration and company secretariat services to Haven Funding Plc and Haven Funding (32) Plc, rated Baa1 and Baa2 respectively by Moody’s as at 31 March 2026. S&P has withdrawn their rating as they do not rate the underlying borrowers. As at 31 March 2026 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
Downloads
Annual Reports - Haven Funding (32) Plc
Harbour Funding Plc
In August 2003 the Service Company was appointed to provide loan administration and company secretariat services 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. One of these associations has since prepaid its loan. This is rated A3 by Moody’s. S&P has withdrawn their rating as they do not rate the underlying borrowers.
As at 31 March 2026, Harbour Funding Plc had loans outstanding of £184m (nominal) made to three housing associations.
Sunderland (SHG) Finance Plc
Since 2001, The Housing Finance Corporation (Services) has provided loans administration and company secretariat services to Sunderland (SHG) Finance Plc, rated A3 by Moody’s, which as at 31 March 2026 had a £186.3m (nominal) loan outstanding to Gentoo Group on-lent via T.H.F.C. (Capital) Plc. On 20 April 2026, a prepayment of £8.7m took place, following which the issued bonds had a nominal value of £9.9m with a balance outstanding of £177.6m.
Downloads
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