9 September 2024
The Housing
Finance Corporation Limited
Business
update
The Housing Finance Corporation (THFC) has set
out plans for the next stage of its corporate strategy following
the strongest set of financial results in its 37-year
history.
THFC, which is the UK's leading affordable
housing aggregator and mutual lender, has provided vital financial
solutions to housing associations for almost four decades. The
organisation is driven by a core purpose - to enable the
affordable housing sector to build and improve homes and create
sustainable communities across the UK.
THFC's annual results to 31 March 2024 show a
£7.95bn loan book and a pre-tax surplus of £8.0m, marking the
highest in the business' history. This takes reserves to over £62m,
representing a more than doubling over the last 7 years. To view
THFC's 2023/24 Annual Report and Financial Statements,
click here.
These results provide the foundation for THFC to
embark on the next phase of its corporate strategy, which centres
on growth and delivering new innovative financial
solutions.
Building on its long-standing heritage and
proven track record, THFC will focus on unlocking new forms of
private capital and creating new partnerships between the market
and the sector. The aim is to develop a much broader suite of
financial solutions to enable housing associations to
deliver.
Recent progress in evolving its focus includes
the acquisition of Hargreaves Risk and Strategy (HRS). The
acquisition of HRS, a specialist consultancy that has worked with
housing associations, funders and regulators on risk management,
strategic planning and control for nearly 30 years, provides a good
opportunity to grow THFC's network, diversify its service offering
and serve the sector even more. HRS currently has around 40
predominantly social housing clients, some of whom are also THFC
clients.
Priya Nair, chief executive of THFC, said: "THFC
was born 37 years ago and the landscape has altered dramatically
since then.
"Housing associations' mandates are more complex
than ever before and borrowing capacity remains constrained. This
calls for innovation and that is what THFC's new corporate strategy
is focused on. Our latest financial results, alongside our unique,
trusted position in the market, positions us perfectly to
deliver."
"Our ambition is to play a central role in
catalysing a wider range of financial solutions, to unlock new
forms of private capital and meet the diverse needs of our client
base."
LEI: 213800C5UBBTGH5RTF22
For further information please contact Will
Stevenson, Group Treasurer, on 020 7337 9925.
About
THFC
THFC has been the UK's leading affordable
housing aggregator for more than three decades, providing
innovative funding solutions for over 150 housing associations
across all four nations of the UK. THFC has amassed a near £8bn
loan book to date and continues to expand its range of financial
products to serve the needs of the social housing sector. THFC has
made significant contributions toward solving the UK's affordable
housing crisis, having funded 32,000+ homes under Affordable
Housing Finance Plc, which oversaw the government's initial
Affordable Housing Guarantee Scheme. The aggregator launched bLEND
in 2018 and unveiled THFC Sustainable Finance (TSF), a sustainable
finance vehicle, in 2023.