HOUSING ASSOCIATION FUNDING PLC - Quarterly Report September

TABLE 1: COLLATERAL
                            LAST REPORT
                 NO OF       NUMBER OF   DIFFERENCE NUMBER
 ASSOCIATION   DWELLINGS     DWELLINGS     OF DWELLINGS    AVERAGE PER DWELLING
                                                                           VOIDS &
                                                           WEEKLY GROSS    CREDIT
                                                               RENT        LOSSES

A2Dominion    283          283                           0 153.07        318.39
Arena         566          566                           0 91.90         191.15
Derwent       423          423                           0 86.14         179.17
Home          559          559                           0 106.05        220.57
Jephson       1,165        1,165                         0 102.58        213.37
Knightstone1  458          459                         (1) 103.34        214.95
Midland Heart 628          628                           0 94.72         197.02
Paradigm      182          182                           0 123.52        256.92
Riverside     963          963                           0 88.48         184.05
Thames Valley 515          515                           0 137.67        286.35
Viridian2     1,418        1,419                       (1) 122.26        254.31

                                                       GROSS ANNUAL   NET RENTAL    ANNUAL DEBT    NET RENTAL
 ASSOCIATION  AVERAGE PER DWELLING                         RENT         INCOME        SERVICE        COVER
              ANNUAL PROVISION PER DWELLING FOR...
              MANAGEMENT   MAINTENANCE SERVICE CHARGES

A2Dominion    440.66       694.32      2,116.12        £2,252,638.32 £1,242,470.32    £686,751.00        1.81
Arena         387.79       639.45      303.87          £2,704,741.00 £1,843,141.43  £1,016,225.00        1.81
Derwent       388.00       625.54      341.70          £1,894,760.92 £1,245,702.82    £913,523.00        1.36
Home          392.87       706.39      399.18          £3,082,529.32 £2,121,602.53  £1,432,167.00        1.48
Jephson       388.00       690.45      149.76          £6,214,540.80 £4,535,090.88  £3,076,087.00        1.47
Knightstone1  387.88       637.88      100.30          £2,461,203.68 £1,847,018.99  £1,322,967.00        1.40
Midland Heart 403.29       683.80      430.19          £3,093,169.04 £2,016,594.69  £1,215,720.00        1.66
Paradigm      388.00       680.95      124.32          £1,168,981.84   £905,047.69    £501,691.00        1.80
Riverside     388.00       625.54      97.01           4,430,931.44  3,184,229.88   £1,525,337.00        2.09
Thames Valley 388.00       704.39      383.28          £3,686,779.72 £2,779,340.13  £1,626,736.00        1.71
Viridian2     425.85       697.27      728.07          £9,015,281.08 £6,029,687.96  £4,092,419.00        1.47


TABLE 2: COLLECTION

              OVER LAST 52 WEEKS ...
                                                             (COLLECTED
                             COLLECTED      NET COLLECTED     RENT) /(GROSS    (NCR)
ASSOCIATION   GROSS RENT     RENT           RENT              RENT)            /(ADS)

A2            £2,299,466.13  £2,294,865.59     £1,360,617.77          1.00       1.98
Arena         £2,633,963.98  £2,598,729.98     £1,860,812.74          0.99       1.83
Derwent       £1,913,825.98  £1,940,188.83     £1,349,284.16          1.01       1.48
Home          £3,031,697.32  £2,954,264.17     £2,125,095.95          0.97       1.48
Jephson       £6,120,193.14  £6,138,319.38     £4,726,674.60          1.00       1.54
Knightstone   £2,607,006.30  £2,572,807.13     £2,039,900.97          0.99       1.54
Midland Heart £3,035,800.34  £2,969,585.73     £2,040,247.40          0.98       1.68
Paradigm      £1,148,792.27  £1,148,962.17       £939,046.33          1.00       1.87
Riverside     £4,368,381.48  £4,288,074.55     £3,218,434.19          0.98       2.11
Thames Valley £3,430,045.48  £3,422,978.11     £2,671,746.88          1.00       1.64
Viridian      £8,864,039.46  £8,870,762.99     £6,304,808.38          1.00       1.54

              OVER LAST 28 WEEKS ...
                                                            (COLLECTED
                            COLLECTED     NET COLLECTED     RENT) /(GROSS      (NCR)
ASSOCIATION   GROSS RENT    RENT          RENT              RENT)             /(ADS)

A2            £1,171,635.53 £1,141,233.78       £664,532.45          0.97        0.97
Arena         £1,453,152.49 £1,412,162.55     £1,007,672.03          0.97        0.99
Derwent       £1,016,033.81 £1,012,372.88       £703,521.31          1.00        0.77
Home          £1,655,409.56 £1,632,554.40     £1,182,597.40          0.99        0.83
Jephson       £3,340,595.06 £3,321,987.22     £2,553,528.13          0.99        0.83
Knightstone   £1,323,010.64 £1,300,890.95     £1,024,708.58          0.98        0.77
Midland Heart £1,653,798.46 £1,605,668.92     £1,096,486.76          0.97        0.90
Paradigm        £625,426.26   £607,857.86       £492,003.56          0.97        0.98
Riverside     £2,374,793.35 £2,376,016.49     £1,798,975.34          1.00        1.18
Thames Valley £1,881,994.97 £1,891,424.08     £1,481,758.86          1.01        0.91
Viridian      £4,834,904.58 £4,800,007.07     £3,394,082.91          0.99        0.83


TABLE 3: COMPLIANCE

              NET RENTAL
ASSOCIATION   COVER       OVER LAST 52 WEEKS ...               OVER LAST 28 WEEKS ...
                                                                                      NET
                                                                                      COLLECTED
                                                 NET COLLECTED                        RENT TEST  OUTCOME OF
                                                 RENT TEST                            NCR >=       STOCK
                          COLLECTED RENT OVER    NCR >= 115%   COLLECTED RENT OVER    61.92%     CONDITION
              NRC>=105%   GROSS RENT >= 95%      ADS           GROSS RENT >= 95%      ADS          SURVEY

A2               Pass              Pass              Pass               Pass            Pass        CGTC
Arena            Pass              Pass              Pass               Pass            Pass        CGTC
Derwent          Pass              Pass              Pass               Pass            Pass        CGTC
Home             Pass              Pass              Pass               Pass            Pass        CGTC
Jephson          Pass              Pass              Pass               Pass            Pass        CGTC
Knightstone      Pass              Pass              Pass               Pass            Pass        CGTC
Midland Heart    Pass              Pass              Pass               Pass            Pass        CGTC
Paradigm         Pass              Pass              Pass               Pass            Pass        CGTC
Riverside        Pass              Pass              Pass               Pass            Pass        CGTC
Thames Valley    Pass              Pass              Pass               Pass            Pass        CGTC
Viridian         Pass              Pass              Pass               Pass            Pass        CGTC


TABLE 4: ADDITIONAL FACILITY

            PROVIDER NAME   DRAW-DOWNS  OUTSTANDING BALANCE

ORIGINAL    Barclays
AF PROVIDER Bank plc             £0.00        £9,435,000.00


TABLE 5: LIABILITIES

            OUTSTANDING
            NOTE AMOUNT     TOTAL NOTE
           PRINCIPAL (PER AMOUNT ISSUANCE
               £100)          TO DATE

AS AT END
OF THE QTR     71.3511751 £192,270,000.00


Notes

1 28 Smith Way, previously charged under the Knightstone loan agreement was
released 14 August 2014.

2 110 Exeter Place, previously charged under the Viridian loan agreement was
released 7 July 2014