Supporting Older People Conference
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1 Supporting Older People Conference B13: Building new homes in a changing financial landscape Speakers: Mark Hitchen Senior Policy Advisor Communities and Local Government Sponsored by: Chair: Piers Williamson Chief Executive The Housing Finance Corporation Catherine Ryder Investment Leader National Housing Df Federation
2 Building New Homes in a Challenging Financial Landscape Mark Hitchen NHF Housing Development Conference and Exhibition th July 2013 mark.hitchen@communities.gsi.gov.uk
3 Overview: Key facts The Government is determined to help expand the provision of large scale professionally managed private rented housing and additional affordable housing, whilst also providing economic stimulus. The Government has also unveiled a broad package of measures to stimulate construction across all tenures. Demand for private rented housing is growing - the sector now houses 3.8 million households in England, compared to 2.0 million in There are currently around 4.0 million people living in affordable housing, with another 1.8 million households on the waiting list for this accommodation. Affordable housing is making an increasing contribution to housing supply. Last year it accounted for 45% of the overall delivery of new-build properties. Sources: DCLG English Housing Survey 3
4 Overview: Structural change in demand Long term mean proportion of PRS dwelling stock. The current PRS trend a long term reversion to mean. Sources: Savills, DCLG, Survey of English Housing 4 4
5 Thousands Overview: Housing completions New measures HS measures Social 50 Private To meet demand 30 year average
6 Overview: Delivery PLANNING REFORM 3.5bn, 1bn Guarantee 75,000 plus transactions Supporting Home Ownership Help to Buy NewBuy Right to Buy Expanding Rented Sector Unlocking Housing Development Affordable Homes Programme Local Infrastructure Fund Build to rent Get Britain Building Debt Guarantees Public sector land PRS taskforce Growing Places Fund Nearly 6bn, 10bn Guarantees Up to 210,000 homes 1.6bn Unlocking capacity for over 120,000 homes 6-11,000 started on site
7 Expanding the Rented Sector: Bigger and Better Ambition Our ambitions: Make private renting a positive form of housing. Bring in new entrants and expand delivery opportunities. Drive more large scale, professionally managed, high quality, well designed accommodation. Design fit for purpose homes for long term renting. 7
8 Expanding the Rented Sector: Housing Debt Guarantees Use UK Government s fiscal credibility to reduce cost of borrowing for housing providers across the UK. Attract investment from fixed income investors seeking a stable, long term return on their investment without exposure to property risk. Grew out of the recommendations of Sir Adrian Montague s review of barriers to institutional investment in the private rented sector. There are two guarantees: one to support the delivery of large scale professionally managed purpose built accommodation for private rent and a second to support delivery of additional affordable homes. 8
9 Expanding the Rented Sector: PRS Housing Guarantees Scheme New build Private Rented Sector projects only. Minimum project size: 10m (can be made up of several sites). UK wide (but borrowers must not be classed to the UK public sector eg. Local authorities). Maximum loan / equity: 80/20. Minimum rent / interest cover at all times: net 1.2:1. Borrowers to pay fee to cover state aid and administration within DCLG. 9
10 Expanding the Rented Sector: Affordable Housing Guarantees Scheme New build Affordable Rent or Affordable Home Ownership only (or equivalent in Devolved Administrations). Minimum debt requirement: 5m (can be across several sites). UK wide but limited to RPs, which are classified to the private sector. Minimum asset cover: 115% EUV:SH. Minimum rent / interest cover at all times: net 1:1. No state aid fee. Can work in conjunction with capital grant. Affordable Housing Finance (AHF) appointed delivery partner on the 20 th June Piers is here! 10
11 Expanding the Rented Sector: Housing Guarantees - Timetable UK wide Housing Guarantees Schemes announced on 6 September The Scheme Rules were published on 1 February On 20th June we announced AHF are now open for business as our delivery partner for the Affordable Housing Guarantees Scheme. First applications could be approved later this summer, subject to due diligence. We are also now able to consider direct applications for the Private Rented Sector Guarantees Scheme. Formal application process will open shortly. 11
12 Expanding the Rented Sector: Housing Guarantees Process Discussion of proposals with DCLG Investor then sources debt Due diligence by DCLG Approval of Guarantee by DCLG Guarantee given when money raised * Bid submitted to AHF Due diligence by AHF Agreement to fund by AHF Approval of Guarantee by DCLG * Subject to reconfirmation of due diligence 12
13 Expanding the Rented Sector: Build to Rent Fund Aims Stimulate the market by providing debt, or equity loan, finance to developers building for private rent in England. Share risk, demonstrate how a new large scale, professional PRS market could operate, and provide off the shelf investment opportunities. The finance, either equity loan or debt, will be repaid when the scheme is fully let and the developer sells on their interest, or re-finances. Timing The successful bids for Round 1 now entered contracting stage following due diligence. Round 2 planned for Sept 13. Funding increased from 200m to 1bn at Budget 2013 Very good response. Shortlist of c 700m projects with c 300m to be allocated 13 in the next round in September.
14 Taskforce Aims The Taskforce will operate as a dedicated, short-term team promoting the private rented sector, and supporting the Guarantees and the Build to Rent Fund in England. Work will include: Promoting investment in large scale, good quality Private Rented Sector (PRS) property. Supporting DCLG, HCA and GLA on the Build to Rent Fund projects and the PRS Housing Guarantee Scheme. Raising standards in the private rented sector. Identifying opportunities for the PRS including the use of surplus public land. Timing The Taskforce, headed by Andrew Stanford, are now in place, and working across the market. 14
15 Contact Details Mark Hitchen; Head of Programme Expanding the Rented Sector DCLG Floor 1/B1, Eland House Bressenden Place London SW1E 5DU
16 Building new homes in a changing financial landscape Piers Williamson July 2013
17
18 SUBSIDISED HOUSING REQUIRES SUBSIDY!
19 Financial Innovation is like being a cocktail waiter (and maybe I wish I was as good looking as Tom Cruise too!)
20 The Affordable Housing Guarantee Scheme Why Guarantee Debt? The Credit Rating Differential delivers a lower cost of finance UK Full Faith Guarantee European Investment Bank Funding Housing Association Bond/PP Funding Rating: AAA/Aa1 AAA/Aaa AA-/Aa3 BBB+/Baa1 Cost of Finance: Gilts % Gilts % Gilts % Bank Potential Saving in today s money per 5m borrowed: 500, m 500, m
21 The Affordable Housing Guarantee Scheme Delivered through Affordable Housing Finance Plc (Part of THFC) Capacity to finance up to 3.5Bn of long term bond and EIB lending Inaugural 500m EIB funded financing just announced (available October 2013) Up to 30 year term (amortising from year 10) Full faith Secretary of State Guarantee of the individual debt obligations of AHF Fixed or floating funding options available Minimum borrowing 5m Available to cover investment in new Affordable Rent development nationwide Can also fund non-grant funded new Affordable Rent Security required: not necessarily the properties developed Minimum asset cover 115% EUV and 100% net income cover
22 The Affordable Housing Guarantee Scheme Why long term EIB Funding first? Lower cost Flexible options More rating proof than the UK?! Alleviates prohibitive cost-of-carry Up to 2 year potential availability period Doesn t require a borrower credit rating
23 The Affordable Housing Guarantee Scheme Where is the demand for Guaranteed Debt going to come from? The law of a large number of small numbers.that s what a debt aggregator puts together
24 Conclusion
25 Supporting Older People Conference B13: Building new homes in a changing financial landscape Speakers: Mark Hitchen Senior Policy Advisor Communities and Local Government Sponsored by: Chair: Piers Williamson Chief Executive The Housing Finance Corporation Catherine Ryder Investment Leader National Housing Df Federation
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