what is a PFI?

A private finance initiative, or PFI, is a way of bringing investment into council estates as on their own they can't raise the cash needed to improve all council homes to the highest standards. A PFI is a partnership between a private building company, a not-for-profit 'housing management company' and a building society or bank.

The building company (Lovell) will do the improvement work, refurbishing existing homes and re-designing the area, which may mean the demolition of some houses. They will also build new homes to rent and buy.

The bank (ICC) brings borrowing power, new skills and financial expertise
And the housing association (Adactus HA) takes over responsibility for managing the estate: collecting rent, arranging repairs, finding new tenants, etc as well as working with residents to improve the quality of life

The money that is being borrowed to pay for the cost of the improvements and the huge upgrade to the whole neighbourhood will be gradually repayed by Manchester City Council over the next 30 years using the money awarded by the government.

Residents can expect the highest standards of service form the partners. The council, with the involvement of local residents, wills set the standards of performance that the consortium must reach and, through a tenant led monitoring panel ensures that they hit them. Failure to do so incurs financial penalties

What is a PFI?
The Area
The Background
Neighbourhood Vision