Table 2.

Two variants of reformed housing association sector proposed by CSED

	Integral housing association variant	Split-function variant
Method used to activate capital	Levy on about 90 % of capital growth, to be paid in annual instalments	Annual payment of yield on capital owned by fund (foundation)
Safeguards of public interests A: housing of lower-income groups B: prevention of risk selection C: liveability guarantee	A: Via housing allowance and restrictions on housing association’s target group (households with incomes up to €33,000, 90 % of property assigned to target group) and municipal regulations concerning mixed housing development B: Via a duty to accept vulnerable groups C: On basis of performance agreement with municipality	A: Via housing allowance and municipal regulations concerning mixed housing development B: Via commissioning by municipality C: Via commissioning by municipality
Responsibility for transparency of objectives and governance	Central government via (replacement of) BBSH and (successor to) CFV, municipalities via municipal and/or regional housing visions and performance agreements	Fund (foundation): central government via BBSH Operating company: external shareholders via wish to maximise profits