Family Housing for Service Personnel (‘FHSP’)

INPP has made three separate investments totalling US$125m (US$48 million / £32 million) in October 2015, (US$32 million / £25 million) in October 2016, and (US$45 million / c.£37 million) in October 2022 in a series of fully yielding mezzanine debt instruments, maturing in 2052.

The investments relate to seven operational public-private partnership (‘PPP’) FHSP projects, which have delivered over 21,800 family homes across 19 operational bases for US service personnel.

Service personnel housing is one of the longest-standing sectors in the US for PPP projects (or in the US, ’P3‘). The introduction of private sector capital and resources in the provision of housing for service personnel was established by Congress in 1996 and has attracted capital in excess of US$30 billion from domestic and international investors.

• The investment delivers a secure revenue stream via the US Service Personnel’s Basic Allowance for Housing paid to service personnel which creates an indirectly government sourced revenue payment; 
• High barriers to entry as the PPP scheme provides the only service personnel housing on the bases; 
• Positive social credentials through provision of family housing; 
• No residual value exposure; and 
• A geographically diverse portfolio of housing units across the continental US, including some of the largest and most critical installations.