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THFC publishes fourth consecutive Sustainability Reporting Standard report

6, November 2024

The Housing Finance Corporation (THFC) has published its fourth annual Sustainability Reporting Standard (SRS) report for 2023/24, marking another year of impact-focused performance across THFC’s bLEND portfolio.

This year marks the first time that housing associations have reported against Version 2.0 of the SRS. SRS Version 2.0 places a deeper focus on net zero, resident satisfaction, health and safety, biodiversity, and Equality, Diversity, and Inclusion (EDI) and mandates a “comply or explain” approach to reporting.

The SRS report, which covers the 31 housing association borrowers in THFC’s bLEND portfolio as of 31st March 2024, demonstrates the progress borrowers are making across the Environmental, Social and Governance (ESG) landscape. This report represents the first set of data submitted under SRS Version 2.0, which includes updated ESG criteria for the sector.

bLEND borrowers delivered a total of 11,116 new homes during this period. This compares to 7,192 total new homes last year, marking a 54.6% increase with significant investment in energy-efficient construction.

Meanwhile, there was a 3.5% increase in the percentage of existing homes owned or managed by the bLEND pool with a score of EPC “C” or above, compared to 2022/23, bringing this percentage to 70.3%. In addition, 94.3% of new homes developed in the period by bLEND borrowers achieved EPC scores of “B” or “A”.

This comes as over two thirds of bLEND borrowers reported having a net zero target and strategy in place, reinforcing the sector’s commitment to environmental targets.

The percentage of homes with completed fire risk assessments also improved to 99.8%. Additionally, there was a 7% rise in the number of borrowers paying the Real Living Wage, now accounting for 87% of bLEND housing associations.

This year, bLEND also increased its loan facilities by £115 million, continuing to support demand for capital markets funding for UK social housing providers.

Priya Nair, Chief Executive of THFC, said: “Since joining THFC, I have been deeply impressed by the commitment of bLEND’s borrowers to delivering and measuring their ESG impact, and findings from our fourth annual SRS report are testament to this.

“Through their efforts, borrowers continue to strengthen the social housing sector, demonstrating that it is not only purpose-driven but also capable of setting a high bar for transparency and accountability. This dedication to genuine sustainability progress is what sets the sector apart from many others and makes it such an attractive investment proposition.

“This year’s adoption of SRS Version 2.0 has proven that ESG metrics can evolve with sector needs, and we look forward to supporting our borrowers in achieving further progress.”

You can find the bLEND SRS report for 2023/24 here.

Notes to editors:

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 Funding in 2018 and unveiled THFC Sustainable Finance (TSF), a sustainable finance vehicle, in 2023.

For investor inquiries:

Danielle Hughes, Sustainability and Treasury Manager at THFC – Danielle.Hughes@thfcorp.com

For media inquiries:

Annalyce Whittaker, Senior Account Manager at Social – Annalyce.Whittaker@social.co.uk

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