Housing Development Fund: Andium Homes Ltd: Approval to extend Loan No. 13: Various Enabling Works

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A decision made on 21 December 2018

Decision Reference: MD-TR-2018-0149
Decision Summary Title:	Housing Development Fund – Andium Homes Ltd: Approval to extend Loan No. 13 – Various Enabling Works		Date of Decision Summary:	18th December 2018
Decision Summary Author:	Head of Shareholder Relations		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Housing Development Fund – Andium Homes Ltd: Approval to extend Loan No. 13 – Various Enabling Works		Date of Written Report:	18th December 2018
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Exempt – FOI Art.33
Subject: Housing Development Fund – Andium Homes Ltd: approval to extend Loan No. 13 – Various Enabling Works.
Decision(s): The Minister approved the extension of Loan No.13 to Andium Homes Ltd, the capital balance of which is £10,316,000, at an interest rate of 5%, to be repayable on 31st March 2020.
Reason(s) for Decision: The loan is required to enable Andium Homes to continue to progress various schemes, in terms of e.g. demolition and enabling works, prior to entering into the main contract works for each of these schemes, at which point a loan request for each specific scheme would be made. Of the original 6 schemes covered by Loan No.13, 2 have been repaid, however the remaining 4 schemes are delayed for various reasons. This is in support of P.33/2013: The Reform of Social Housing. The States in approving P.129/2014 on 22nd September 2014 agreed that the Minister could lend under Article 3(3)(b) of the Public Finances Law 2005, to Andium Homes Ltd.
Resource Implications: There are no additional resource implications, financial or manpower as a result of this decision.
Action required: The Head of Decision Support to notify the Head of Shareholder Relations that the decision has been approved. The Head of Shareholder Relations to prepare a letter to Andium, for signature by the Treasurer of the States, confirming the extension, as an addendum to Loan No.13.
Signature:		Position: Deputy S Pinel, Minister for Treasury and Resources
Date Signed:		Date of Decision: