Alternatieve Financieringswijzen voor Nederlandse woningcorporaties

Abstract

The main target of this research is to make an inventory of the financial methods that can be used by housing associations. Then these methods are tested in a financial model to see the consequences of these methods over time. The third insight gained is what the consequences of these methods are related to the legally defined tasks of the housing associations. Next to making a consequence analysis of the applicable financing methods the model is constructed in such a way that it is adaptable and suited for housing associations to gain insight in their specific financial possibilities and facilitate the ongoing research to a mixed funding. The main research question answered in this graduation research is the following: What are the returns, influences and consequences for future investments of alternative ways of financing the Dutch housing associations? The research adds to the current research about the balance sheet of housing associations. The existing research is mainly focused on the assets of the housing associations. This research looks beyond the existing financial paradigm and explores the alternatives that can be used by housing associations. Due to the size of the social rent sector in the Netherlands and the growing doubt about the long term sustainability of the current financial system, research to enlarge the funding opportunities for housing associations fulfils both a scientific and social need to expand the applicable knowledge. The expected research outcome and conclusions from the financial model is that several alternatives can be cheaper than the WSW secured financing. The main reason for this expectation is the number of financiers in the market; the WSW secured loans depends on the two Dutch sector-banks, their oligopoly has an upward effect on the interest yield. In other financial markets there is a decreasing interest yield due to interventions and quantitative enlargements of governments and central banks. Housing associations can benefit from this trend by exploring the other financial possibilities. For many of these methods a sound reporting standard is required and the internal organisation of the housing associations must adapt to these standards.