Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

PFI definition

What does PFI mean? PFI (private finance initiative) describes, in practice, a long‑term public–private partnership under which a private sector special purpose vehicle (SPV) finances and operates, and usually designs and constructs, public sector assets or services. The public authority pays a performance‑linked unitary charge over the term. PFI is not a statutory definition but a policy and market label; the legal framework is found in the project agreement and related documents, HM Treasury guidance (including SoPC4), and public procurement law. Key features include limited‑recourse project finance, transfer of design, construction, lifecycle and maintenance risk to the private sector, availability‑based payment and deductions,...

Local Authority Housing PFI in England: Powers, HRA/Non-HRA Models, Contract Structures, Funding and Guidance (Archived)

Published by a LexisNexis Local Government expert

Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained.

Background

Private finance initiatives (pfis) have allowed local authorities to form agreements with private sector partners to deliver new and/or upgraded capital assets (for example, infrastructure) together with a range of associated and complementary services. Central government departments have offered financial support towards the capital cost component of PFI schemes and projects. In December 2012 the PFI contracting programme closed and a new model of public–private partnership, termed ‘PF2’, took its place thereafter. This note addresses PFI, with only limited mention of PF2, as housing has so far not been included within the categories of projects approved under PF2. Under housing PFI contractual arrangements, local housing authorities (LHAs) enter into contracts with consortia of private sector companies to design, construct, improve, finance, manage and maintain the social housing stock delivered under those contractual terms. Although management of the housing is taken on by the private sector contractor, the local authority remains the owner of the homes and retains its tenants. Well-designed and implemented PFI agreements shift risks from the public sector to private providers whilst ensuring and preserving good value for money. Use has been made of PFI in housing...

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Web page updated on 21/05/2026

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