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Innovation in regeneration finance

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Latest News

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US firm capitalises on TIF experience

Published: 2010-05-24 13:28:26

"One thing we know for certain: done well and done right, TIFs work."
 
That's according to Greg Stype, partner at international law firm Squire, Sanders and Dempsey. He is a tax increment finance (TIF) specialist who has been involved in more than 50 TIF projects.
 
His firm has worked on hundreds of TIF schemes in the US, where TIF is regularly used as a vehicle to finance infrastructure for regeneration schemes using future projected tax streams as collateral to raise finance for upfront funding.
 
As the UK takes its first steps towards implementing TIF-based schemes, Stype identified some useful US lessons for SocInvest. Some were relevant to the framers of legislation; others relate to project scoping and implementation.
 
"Legislation needs to be flexible," he began, "and it needs to be enabling." read more

RBC sees huge potential in housing rental sector

Published: 2010-05-24 13:11:50

Matthew Houseley, managing director and head of social infrastructure at Royal Bank of Canada Capital Markets, is bullish about private funding for social housing.
 
"There is huge potential demand in the regeneration sector," he told SocInvest. "We would welcome well-structured propositions."
 
As the housing sector braces itself for further government cuts and regeneration projects run out of steam or collapse, Royal Bank of Canada maintained that it has an undiminished appetite for funding schemes that meet its investment criteria. That is also good news for local authorities following the slump in land values: the bank's focus on long-term rental streams mean that these values are not a factor in the investment evaluation.
 
"As we are not looking for sales, we prefer to take land and sales values out of the equation," said Houseley. read more

LABVs are still sound

Published: 2010-05-24 12:33:31

In an exclusive interview with Jamie Kerr, director of regeneration and education at John Laing, SocInvest asked about the scope for LABVs in today’s economic conditions.
 
"Some people say LABVs are very difficult in the current market and that authorities should not commit their assets to these vehicles," said Kerr. "But that's not the case. It is not necessary to fix land values at the outset – these partnerships can work up projects and add value for authorities both in terms of land value but also in progressing regeneration faster."
 
The economy may still be crawling out of recession, but asset-backed vehicles remain a sound option for regeneration projects in many circumstances, according to Kerr.
 
He pointed to recently announced projects, as well as the LABVs in which his company is involved in Croydon and Tunbridge Wells, as evidence of their continuing relevance. But is now a good time to launch a LABV? With a number of caveats, Kerr's answer was that they can still be the best option. read more

CBRE says institutional investors can be attracted to private rental...

Published: 2010-04-14 09:24:14

CB Richard Ellis head of residential Nick Jopling told the company's State of the Nation conference last month that institutional investment can be attracted to the private rental sector.
 
Despite the UK’s strong tradition of home ownership, on a par with the US with ownership levels of around 68%, Jopling said: "Rental demand will increase. London has less home ownership than 10 years ago."
 
While 22% of US institutional investment goes into the private rental sector, the comparable figure for the UK is less than one per cent.
 
But a head of steam is building up. "A number of organisations already get it," Jopling said, indicating the HCA, HM Treasury and British Property Federation as well as some institutions and developers. But banks and many other developers and housebuilders are yet to see the benefits.
 
They may be persuaded by Kent County Council. "Owner occupation has reached its limits in Kent at 70%," said strategic housing advisor Brian Horton. With a requirement for 140,000 new homes by 2026, at a potential cost of £30 billion, the rental option appeals to the council – not as a panacea, Horton said, "but as part of the solution". read more

Kirklees first on sustainable affordable housing PFI

Published: 2010-04-14 09:20:17

Kirklees Council claims its Excellent Homes for Life housing project is the first PFI scheme to conform to Code for Sustainable Homes Level Four.
 
The preferred bidder for the project is The Regenter Excellent Homes for Life Consortium, comprising Regenter, Wates Living Space and Pinnacle Housing.
 
Excellent Homes for Life Housing includes about 140 new "extra care" homes for older people, in three schemes, and around 360 one- and two-bed homes for small households, some specifically designed for wheelchair users. The new homes will be built on up to 30 sites across Kirklees, in West Yorkshire. read more

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