Closed for new investment
Launch: 2013
End Date: 2016
Affordable Housing Finance Plc
Overview
Affordable Housing Finance (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. As at 31 March 2023, AHF had issued guaranteed secured bonds amounting to £1,744.1m. Guaranteed bank loans drawn at 31 March 2023 amounted to £1,500.0m.
Affordable Housing
Finance Plc in Numbers
£3.2Bn
Capital Lent
32k+
Homes Funded
60
Housing Association Borrowers
Overview & Key Achievements
At Affordable Housing Finance (AHF), the UK Government’s exclusive delivery partner for the Affordable Homes Guarantee Scheme, guaranteed loans were originated during the underwriting window that closed in March 2016.
AHF have managed to create loans resulting in the lowest priced debt to 67 housing associations, whose portfolios and credit appraisals we continue to manage until the maturity of each loan.
By combining a government guarantee with disciplined credit management, AHF cultivated a private–public relationship that unlocked vital delivery of affordable homes.
Exclusive Licence
Agreed an exclusive licence (that ran till the 31st March 2016) with the Ministry of Housing, Communities & Local Government to issue long-term debt to the affordable homes sector for sums up to £3.5 billion.
Scheme Growth
Grown the most successful and innovative guarantee scheme sponsored by the UK Government.
Cost Efficiency
Produced cost effective financing which acts as a stimulus in the construction of affordable housing.
Development Impact
AHGP financing will have supported more than 30,000 homes, along with regeneration projects and various forms of community care.
Lending Scale
More than £3.2bn of financing – representing about 92 per cent of the £3.5bn of UK government guarantees made available for affordable housing four years ago – has been lent to 67 HAs.
Market Leadership
Sustained competitive market prices and remained at the forefront of on-lending to HAs, in conjunction with providing investors protected and profitable opportunities.
About the UK Government Guarantee
Overview
The guarantor unconditionally and irrevocably guarantees to the Guaranteed Creditors the due and punctual performance by the issuer of the Guaranteed Obligations.
1. Guaranteed Creditors being: Bondholders, Coupon holders and Trustee
2. Guaranteed obligations being: all present and future payment obligations and liabilities of the issuer (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) which are, or may become, due, owing or payable to the Guaranteed Creditors under the Bonds, Coupon or Trust Deed, together with all costs, charges, fees and expenses incurred by the guaranteed creditors which are, or may become, due, owing or payable by the issuer under the bonds, coupons the Trust Deed or the Guarantee.
The guarantee is supplemented by an indemnity for all losses, liabilities, costs and expenses resulting from a failure of the issuer to perform or discharge any guaranteed obligation, and/or from the unenforceability, invalidity or illegality of any guaranteed obligations.
The guarantee can only be released when all guaranteed obligations have been unconditionally and irrevocably paid or discharged in full.
Prefunding of issuer accounts ensures timely submission of a notice of demand and timely payment under the guarantee of the guaranteed obligations.
Further Information
- Financial Statements
- Governance & Structure
- Offering Circulars
Please find the latest financial documentation available to download.
Affordable Housing Finance (AHF), established in 2013, works in conjunction with the Ministry of Housing, Communities & Local Government (MHCLG) and the European Investment Bank (EIB).
AHF follows a devised set of scheme rules which run in accordance with MHCLG and EIB requirements. Although we work with careful awareness of these relationships, we complete our own credit checks and it is important to remember that investors and borrowers will be in direct business with us and not EIB or the MHCLG.
AHF is a subsidiary of T.H.F.C (Services) which in turn is a wholly owned subsidiary of The Housing Finance Corporation.
The Housing Finance Corporation was founded in 1987 through the collaboration of the Housing Corporation and National Housing Federation.
The Housing Finance Corporation operates as:
- A profit for purpose organisation that reinvests interest accumulated into The Housing Finance Corporation and any of the relevant subsidiaries.
- An independent, unregulated corporation with a work force of eighteen skilled and dedicated industry experts. These experts range from a variety of career paths, producing a diverse backdrop upon which The Housing Finance Corporation is built and its experience emphasised.
- A well-managed business, stemming from a highly experienced board of directors.
A collection of all the latest financially and intellectually relevant offering circulars for the purpose of recording, and to validate information stated elsewhere on the website.
Downloads
Offering Circulars
- Offering Circular Seventh Tap - 23 October 2017
- Offering Circular Sixth Tap - 04 April 2017
- Offering Circular Fifth Tap - 16 January 2017
- Offering Circular Fourth Tap - 18 October 2016
- Offering Circular Third Tap - 04 August 2016
- Offering Circular Second Tap - 16 March 2016
- Offering Circular First Tap - 16 March 2016
- Offering Circular New Bond - 10 August 2015
- Offering Circular Second Tap - 16 March 2015
- Offering Circular First Tap - 05 November 2014
- Offering Circular - 29 March 2014
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