The Norwegian State Housing Bank. Summary of Activities
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1 The Norwegian State Housing Bank Summary of Activities February 2009
2 2 1. Objectives and measures The vision for the Norwegian housing policy is adequate and secure housing for all. This will be achieved through the following goals and strategies: 1. Stimulation to achieve a well functioning housing market. 2. Provision of housing for disadvantaged groups on the housing market. 3. Promotion of sustainable quality, security and aesthetics in residential areas 4. Increasing the number of universal design homes and buildings. The definition of adequate and secure housing is based on characteristics specific to the home and area of residence, as well as on the individual preferences of the residents. The Norwegian State Housing Bank (NSHB) is the main agency implementing Norwegian housing policy. Strengthening and further developing its role as a housing policy knowledge centre is an important challenge for the NSHB. The NSHB will continue to be a supplement to private lenders in the financing of new homes and in the issue of loans and grants. These are connected to politically desirable public, economic and social objectives that cannot easily be financed through banks and other lenders. The allocation of housing allowances is also becoming increasingly important. The emphasis is more on targeting people with special housing needs and less on supply-side measures. The NSHB plays a special role in the implementation of the National Strategy for Preventing and Combating Homelessness. The promotion of good housing for immigrants and refugees is also given high priority. Increasingly, the Bank works cross-sectorally with other public agencies at State and municipal level to bring about good solutions for disadvantaged groups. The NSHB works closely with local authorities and the private sector to improve the quality of housing on the housing market in general, which is dominated by direct and indirect (co-operative) home ownership (77%). It does this through financial incentives, working with public authorities to develop suitable standards and building skills and participating in negotiations and discussions with all parties involved in development.
3 3 Particular weight is given to the promotion of universal design and environmentally friendly solutions in the housing and building sectors, e.g: Reducing energy use in housing and building stock. Identifying and reducing the use of building materials that are hazardous to health and the environment. The Bank also works to promote aesthetic housing and building design. Housing Bank Loans 2008 and Mill. NOK Child care/nursery schools Housing start-up loans Construction of housing and housing improvement Grands and subsides from the Housing Bank 2008 and Competence Mill. NOK Churches Schools First-home housing grants Housing allowances
4 4 2. Basic investments loans A new NSHB basic loan scheme, including loans for new builds and home renovations, was introduced in 2005, aimed at promoting universal design in new and existing buildings as well as in the built-up environment. It also covers the financing of housing for vulnerable households and firsttime buyers and the secure supply of housing outside the larger urban areas. Basic investments loans are first priority mortgages in which the amount of the loan is based on the local housing market and the particular public goals attaching to the individual project. The NSHB will continue to provide financing for homes in rural districts where it is difficult to obtain mortgages at reasonable rates on the capital market, and will also offer basic investments loans for priority housing rentals. In issuing loans, it is important for the NSHB to promote environmental concerns, paying attention to sustainability within the home, housing quality, design and energy efficiency. Increased attention is also being given to making more homes physically accessible and to promoting universal design in general. Home universal design costs are primarily lift installation and access modification, although higher space requirements can also raise project costs. The NSHB intends to make flexible use of its funds to reach its overall goals and to meet local housing market needs. To simplify basis loan administration, loans will be paid out in line with borrowers' requirements but within reasonable limits. For individuals who have special needs, support (housing allowances) and loans can be combined. These financial packages are put together in collaboration with the municipalities.
5 5 3. Start-up loans Both the NSHB and private lenders can provide basic loans. Start-up loans are supplementary financing from either lender and can be given to facilitate entry into the housing market. Start-up loans are primarily intended for first-time buyers who find it hard to get affordable loans on the private market but can also be given to medium or low-income households with special needs. NSHB loans are distributed to municipalities lending to individuals and are used by the municipalities as tools for implementing their housing policies. The municipalities and the Government share Start-up loan credit risk, accepting 25% and 75% respectively of the risk on the residual loan. Interest rates and repayment terms on NSHB funds are in line with the general terms and conditions applying to NSHB loans (see below). However, each municipality can decide the terms of payment on the loans it offers. The municipalities gave start-up loans to about 6500 households in 2008, about 56% of whom were first-time buyers. Many singleperson households and single parents have financed their first home through a start-up loan. Recipients of Start-up Loans 2,6 % 6,1 % 0,4 % 13,5 % 0,1 % Drug abuser Divorced 18,8 % Low-income households First time home buyers Homeless Disabled 58,5 % Refugees
6 6 4. Housing allowances Housing allowances help households with low incomes and high housing expenses obtain and/or maintain satisfactory housing standards. The scheme is also aimed at levelling out differences in the housing expenses of low-income pensioner groups. Since 2004, new immigrants receiving special introductory support can also apply for housing allowances. The local authorities administer the housing allowance scheme jointly with the NSHB and are responsible for processing applications. A total of households received housing allowances in 2008 (about 6% of all Norwegian households). The figures below illustrates how housing allowances are targeted at low income groups. For comparison, average Norwegian household income is almost five times higher than the income of households receiving housing allowances. After deducting housing allowances, recipients' housing expenses account for about 34% of their total income; the figure for the population as a whole is 28%. Monthly housing expenses before and after housing allowances Others Refugees Other families w/children Single parents Disabled - no children Disabled with children 64+ years/other pensioners Housing allowances Housing expenses Households with housing allowances years/other pensioners Disabled with children Disabled - no children Single parents Other families w/children Refugees Others Number of households
7 7 5. Grants The NSHB and the municipalities may together provide grants to first-time buyers. The objective is to assist especially disadvantaged households obtain and maintain acceptable homes. The grant also aims at providing more universal design homes and buildings. Housing grants worth approximately NOK 641 million were given in 2008 to assist individuals own or rent a home, and to improve accessibility in the homes of the elderly, the disabled and low-income families. The NSHB gives priority to improving skills and knowledge in the housing and building markets through its Knowledge grant, which awarded NOK 92 million in The grant plays an important role in the implementation of the National Strategy for Preventing and Combating Homelessness. One of the objectives of the grant is to promote good quality building design and environmentally sustainable solutions. The NSHB also contributes to the development and dissemination of knowledge about universal design. Recipients of first-home housing grants 3% 15% Disabled Refugees Homeless First time home buyers Low-income households Divorced 46% 11% 4% 21%
8 8 6. Other responsibilities The NSHB makes grants to cover the interest payable on building and renovating school buildings. Since 2004, the NSHB has had increased responsibility for financing student housing. Special grants for student housing are intended to improve the general accommodation rental market for young home seekers. Since 2005, the NSHB has given grants to renovate church buildings. As of 2006 this scheme also includes grants for new church buildings. 7. Development in the housing market Compared with the previous decade, residential construction (measured as the number of projects started) has been relatively high, especially during the last four years. In homes were built, decreasing to in 2008, i.e. 5.3 per 1000 inhabitants. The average size of homes has decreased owing to smaller households and to changes in housing stock. The proportion of multi-home buildings has expanded as the proportion of detached single-family homes has shrunk (see Key Figures). Steadily rising house prices lead to increased house building but gradually rising interest rates have the opposite effect. Residential building is expected to remain generally stable at about the same high level (approximately homes) in The NSHB approved basic loans for the construction of approximately 5000 new homes in 2008, contributing to the financing of 20% of all new homes built that year (13% in 2007).
9 Key figures Norway Resident population in per 31/ Percentage housing investment of: Gross domestic product 4,2 4,3 4,6 3,9 Gross capital formation 20,5 22,7 22,3 18,8 Employment Total Construction Unemployment rate - all industries 4,6 3,4 2,5 2,6 Price- and building cost indices Consumer price index (1998 = 100) 115,1 117,7 118,6 123,1 Detached, single family homes (2000 = 100) 122,8 148,2 166,5 166,4 Building costs: Detached single family (2000 = 100) 118,4 122,6 133,6 140,7 Multi-dwelling buildings (2000 = 100) 120,9 126,1 134,0 139,1 Housing construction Number of homes, work started Average net/utility floor space ( m2 ) - total dwellings completed Housing units By type of building, pct: Detached single family Houses with 2-4 dwelling units Multi-dwelling buildings The Norwegian State Housing Bank Participation in loan financing, number of dwellings The NSHB loans as pct of total housing loans 9,0 8,2 8,0 8,9 Construction loans, new homes Grants to new housing projects 1) The NSHB participation as pct of total new dwellings Average net/utility floor space ( m2 ) Other loans,number of dwellings First home loans/start-up loans 2) Renovation loans Loans for kindergartens (number of children) Grants and subsidies (mill NOK) Total grants (excl.housing allowances) Housing allowances Notes 1) Grants to housing projects for people in need of special care. 2) NSHB loans disbursed by the municipalities. Sources: Statistics Norway and the NSHB's Annual Report
10 10 8. FUNDING AND INTEREST-RATES NSHB's annual budget is approved by Parliament. Budget appropriations include grants and administrative costs (losses included). Parliament sets the NSHB an annual lending framework. Loans are funded by the Treasury and repaid at an interest rate calculated on the basis of a fixed rate covering the State s borrowing-costs percentage points. There have been no budget appropriations for home loans since NSHB mortgages are available at (three, five and ten-year) fixed or variable interest rates based on market rates. Observation periods mean that the borrower knows in advance what interest rates will apply in two and three months. At the end of 2008, the NSHB variable rate was 6.0% (i.e. around 0,3 above rates available on the private market). Parliament decides the principles on which the NSHB borrowing rate will be based. All customers pay the same interest rate, implicitly subsidising financially weaker borrowers when compared to the private sector. Most loans are repaid over 25 years, including an initial 5 years in which interest only is paid. Losses are at a historically low level. In 2008 losses amounted to NOK 10 million, or 0.01% of the total loan portfolio. The NSHB s floating and fixed interest rates compared to commercial bank average Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Floating interest Fixed Interest Commercial average
11 The Housing Bank account extracts The Norwegian State Housing Bank Rate of Balance sheets per interest, pct. Mill NOK Mill NOK Mill NOK Total loan portfolio Basic construction loans First home loans/start-up loans Renovation loans Interest by loan categories Loans with special interest terms 0-6, Loans with floating interest rates 5,5 *) Loans with fixed interest rates 3,5-7, Account extracts for Disbursement of: New loans Housing allowances Housing grants Interest expenditures Administrative expenses Interest subsidies (loans prior to 1996) Administration incl. losses Losses Losses in pct of total portfolio 0,018 0,011 0,010 Financial means Repayments and payment of principal from borrowers Interest receipts - loans *) In The floating interest rate was 3.9 % in 2007 and 2,9 % in 2006
12 HB 3.E.1 Published by The Norwegian State Housing Bank March 2009 Printrun: 400 Graphic production: RenessanseMedia AS The Norwegian State Housing Bank Grønland 1 Box 824 Bedriftssenter N-3007 Drammen Tel.: Fax.:
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