a) Design philosophy According to the Housing Design Awards, the design of the North Wingfield project took a contemporary design approach, combining the features of local vernacular architecture - as adopted from local farms - with the developer's vision and requirements for flexible, sustainable and innovative housing (HDA, 2021). The architectural office DK -Architects explains that this fusion is represented by massing the morphology of the project, traditional architectural elements (e.g. Dreadnought brick (roof), Janinhoff brick (walls)) with modern elements such as large glazing and aluminium cladding. This combination of materials not only provides an aesthetically pleasing appearance, but also helps to capture heat, ultimately reducing heating energy consumption for at least seven months of the year (DK-A, 2021). In addition, several innovative features have been adapted, including the well-planned use of space and the clear conceptual plans that extends beyond the interior spaces to the shared courtyard, which serves as a social gathering place for the tenants. The inspiration for the courtyard was derived from the local identity, the farmstead and the crew yard (HDA, 2021). At the same time, the use of a see-through fence, which extends the sightline into the rural surroundings, provides a calming splash of green colour in each residential unit. The semi-raised upper massing extends the courtyard and provides a semi-enclosed space that enhances the feeling of safety and security (DK-A, 2021). Meanwhile, the buildings in the front row clearly stand out from the surrounding buildings through the use of colours and materials and also serve as an entrance gate to the project (DK-A, 2021; HDA, 2021). Each dwelling has its own mini agricultural space, which has proven valuable for the well-being of the residents. b) Construction process The skeleton of the building utilises an off-site timber frame method of construction, adopting a semi-modular design principle (Davies & Jokiniemi, 2008). This construction method provides a structure with a superior thermal envelope that requires minimal maintenance and is a 'fit-and-forget' solution for the lifetime of the building. In addition, both labour and material costs were significantly reduced due to less reliance on craftsmanship and multiple suppliers. This is in line with the UK government plans to revamp construction regulations to encourage bold, creative and sustainable construction methods (Davies & Jokiniemi, 2008; Sterjova, 2017). The construction process started with ground treatment, followed by the casting of the foundations on site. Meanwhile, the timber frames were manufactured off-site at the supplier's factory, which helped to reduce construction work and thus carbon emissions. The frames were then transported to the site for fixing and external treatment, and all the construction work ran in parallel (Wheatley, 2020). The overall process can be seen in Figure 1. c) Sustainability integration At the sustainability level, the project worked on several areas to maximise the adaptation of sustainability features and minimise the impact on the natural environment (HDA, 2021). Creating sustainable buildings Through sustainable design and layout (e.g. orientation, maximising daylight, optimising solar gain). Creating high quality outdoor environments (e.g. public and private open spaces that provide shade and shelter and consider flood retention and multi-functional green spaces to protect wildlife). Use of sustainable water management techniques (e.g. use of sustainable drainage systems and consideration of surface water run-off). Use of sustainable waste management facilities for private and communal use (through the appropriate provision of waste and recycling bins). Focus on reducing the use of non-renewable energy. Reduction of carbon emissions The project has been designed in accordance with the highest level of building regulations and sustainability standards, in line with the Government's 10-year timetable for all new homes to be carbon neutral by 2016. Water recycling techniques (such as grey water and rainwater harvesting). Sustainable Transport (reducing reliance on the private car, incorporating practical and accessible sustainable transport patterns). d) Energy performance One of the tools to assess building energy efficiency in the  UK is the Energy Performance Certificate (EPC), which is defined by the Department for Levelling Up, Housing and Communities as: A rating scheme that summarises the energy efficiency of buildings; it includes a certificate that gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years (DLUHC, 2014). The EPC is produced using the Standard Assessment Procedure (SAP), which is defined by the Department for Business, Energy & Industrial Strategy as follows: The method used to assess and compare the energy and environmental performance of properties in the UK [...] it uses detailed information about the property's construction to calculate energy performance (DBEIS, 2013). The North Wingfield project has successfully achieved a (B) rating - equivalent to 84 out of a maximum possible 100 points with a high potential for an (A) rating equivalent to 95 points (DLUHC, 2021). This score is the result of The use of high-performance materials with very good thermal transmittance properties (walls: 0.20 W/m²K, roof: 0.11 W/m²K, floor: 0.09 W/m²K). Well-designed ventilation system that achieves a good air tightness indicator (air permeability 4.9 m³/h.m²). Low consumption of primary energy of 94 kWh/m2. Another indicator is the Environmental Impact Score (EIS), which shows the impact of a building on the environment through the estimated carbon dioxide (CO2) emissions calculated at the time of the EPC assessment (DLUHC, 2014). The higher the score, the lower the building's impact on the environment: like EPC labels, the environmental impact score is graded from A to G (DBEIS, 2014). The project generates 1.4 tonnes of CO2 annually. This is less than a quarter of the 6 tonnes emitted by an average household. By improving the EIS rating to A, CO2 production will be reduced to 0.3 tonnes, which will distinguish the project as one of the most environmentally friendly projects (DLUHC, 2021). Figure 2 shows the EPC and EIS breakdowns of the properties.

Innovative aspects of the housing design/building The model for LILAC is based on the Danish co-housing model: mixing private space with shared spaces to encourage social interaction. A plethora of green spaces include allotments, pond, a shared garden and a children’s play area. Akin to the private self-contained homes, the ‘common house’ includes a communal workshop, office, post room, food cooperative, kitchen, dining space, social space, bike storage, play area, guest rooms and laundry room. The LILAC community benefit from a large number of communal facilities including: a common house with shared laundry, kitchen, reading area and community area; car sharing; pooling household equipment and power tools; sharing common meals twice per week; growing food in the allotment; and looking for provisions in the local area (LILAC Coop, 2022b; ModCell, n.d.). A shared lifestyle whereby resources and amenities are combined, reduces energy use and saves money.   Construction and energy performance characteristics   Constructed under a Design and Build contract (Chatterton, 2015), LILAC boasts an innovative prefabricated ModCell construction that includes a low carbon timber frame insulated with straw-bale. Residents assisted with the labour, collectively adding the straw bale insulation. External walls and interior finishes are in a lime render, increasing benefits from passive solar heating through thermal mass. Air tightness was prioritised during construction, and triple-glazed windows help to decrease heat loss during winter, allowing for Mechanical Ventilation Heat Recovery Systems (MVHR) to regulate indoor air temperature. Further energy performance characteristics include solar thermal energy collection for space and hot water heating, 1.25kw solar PV array, with an extra 4kw on the common house (LILAC Coop, 2022b).   LILAC features a flood prevention system whereby a sustainable urban drainage system (SUDS) feeds the central pond. Roof rainwater runoff is collected into water butts that are later used to water the gardens. Overflow from water butts enters the central pond, which discharges into the public drainage system at a reduced rate. Furthermore, all ground surfaces of the site are permeable. Biodiversity planting and a permaculture design certificate course were integrated into the design at planning stage.   Major additional spending decisions were made whenever residents believed it would meet their core values and result in long term financial savings (Chatterton, 2015, p.68). Construction costs were therefore higher than the UK average – a 48 sqm one-bedroom flat cost £84,000 to build at a cost of £1,744 per sqm while the average costs in England were £1,200 per sqm. However, the annual heating demand of the homes is far less than the UK average of 140kWh/m² at around 30kWh/m², reducing energy consumption and bills up to two-thirds compared with existing UK housing stock (Chatterton, 2015, p.84).   Involvement of users and stakeholders LILAC is owned by a cooperative, through the innovative equity-based model: Mutual Home Ownership Scheme (MHOS). The MHOS is a leaseholder approach (Chatterton, 2013) where residents purchase shares in the co-operative. The number of shares owned by each member is related in part to their income, and partly according to the size of their property. If someone earn a large income their house becomes more expensive, but another property subsequently becomes cheaper, thus conserving affordability. Affordable housing at LILAC is maintained as no more than 35% of net household income should be spent on housing (Chatterton, 2013; LILAC Coop, 2022a). Minimum net income levels were set for each different house size to ensure a 35% equity share rate generates enough income to cover the mortgage repayments (Pickerill, 2015). The MHOS owns the homes and land and is made up of the residents who also manage LILAC. Members lease and occupy specific houses or flat from the MHOS. In effect, residents are their own landlords.   The building was financed by a combination of personal members invested capital, a long-term mortgage from the ethical bank Triodos, and a government grant of £420,000 from The Homes and Communities Agency’s Low Carbon Investment Fund, specifically to experiment with ModCell straw construction (Chatterton, 2013; Lawton & Atkinson, 2019). Each member makes monthly payments to the MHOS, who then pays the mortgage – deductions are made for service costs. In 2015, annual household minimum income for a home was set as at least £15,000.   ‘Community agreements’ cover areas such as pets, food, communal cooking, use of the common house, management of green spaces, equal opportunities, vulnerable adults, the use of white goods, housing allocation and diversity, and garden upkeep (Chatterton, 2013; LILAC, 2021). “MHOS forms the democratic heart of the project” (Chatterton, 2013). All decisions are made democratically, using templates to generate and discuss proposals, explore pros and cons, generate amendments, and ratify decisions (Chatterton, 2013).   Relationship to urban environment LILAC is in a highly integrated inner-city locality, situated in an urban neighbourhood of Leeds, on a site that was previously a school. Integrating with the wider community in West Leeds, the common house is used for “local meetings, film nights, meals and gatherings, workshops and has been used as the local polling station” (LILAC Coop, 2022b). LILAC has increased residents feeling of empowerment to participate in social action, working within the wider community to explore issues together and work for change. This has included supporting a local community association, local schools and holding charity and music events (LILAC, 2021).   Behaviour and wellbeing LILACs community act in the knowledge that an adequate response to climate change and energy reduction takes shifting the way we live, enacting behavioural changes that contribute to a post-carbon transition. Decisions in cohousing are made as a community, rather than individual consumers or households. Residents report a much higher health satisfaction – from 58% to 76% – and life satisfaction – from 58% to 87% – compared to previous accommodation (LILAC, 2021). Both physical and mental health improvements have been reported since moving to the community due to LILAC’s “plentiful greenspace, sustainable travel options, better high air quality and natural light in the homes, greater social interaction and opportunities for socialising with neighbours” (LILAC, 2021). Further benefits of LILAC as a cohousing scheme include increased safety and wellbeing, natural surveillance and support for the elderly, reduced car numbers combined with car separation and car-free home zones to increase safety as well as reducing carbon emissions related to car use (Chatterton, 2013).

Innovative Aspects of the Housing Design/Building: Bloc Els Mestres underwent a major retrofit as part of the EU-funded HOUSEFUL project, integrating innovative circular solutions and services. Tenants were involved through technical systems operation learning and feedback sessions. Tenant engagement methods included interviews and workshops focused on teaching residents how to engage with energy consumption and learning the energy consumption of home systems. As with typical DER, there were four main technical improvements to the building: (1) airtightness, (2) insulation, (3) smart systems, and (4) renewable energies. Circular solutions also incorporated into the retrofit to reduce waste include: (1) reusing the balcony balustrades after raising their height to meet building regulations, (2) recycled wall cladding product, and (3) greywater to be treated using the Nature Based Solution (NBS) of a green wall inside the courtyard. Construction Characteristics, Materials, and Processes: After the rehabilitation, the housing block has evolved into a resilient structure with two four-bedroom apartments per floor, spanning the 1st to the 8th floor. Its distinctive design encompasses an array of materials, from natural limestone and cork SATE for insulation to yellow render, terracotta brick, and unobstructed glass panels. With a strategic south-east orientation, the building optimizes natural light, thanks to square windows and cantilevered balconies. Inside, the apartments are designed in a clean, white palette, giving tenants the freedom to infuse their unique style and personal touch. Energy Performance Characteristics: Physical deep energy retrofit interventions included: cork external wall insulation; airtightness, fixing holes and fissures, double glazing, or other solution to reduce thermal coefficient; mechanical ventilation; hydraulic balance valve with differential pressure measurement for the determination of the circulation flow, with insulation; and solar thermal panels, owned by the building owner, together increasing energy efficiency by approximately 50% compared to pre-retrofit. Tenants received technical training on how to use dwelling systems, potentially improving energy efficiency. Involvement of Users and Other Stakeholders: The rehabilitation process has involved collaborative decision-making among key stakeholders: LEITAT, non-profit organisation managing and researching sustainable technologies—project co-ordinators; AHC—Housing Agency of Catalonia and building owners; Sabadell Council; WE&B, organised co-creation activities and resident outreach; Housing Europe; members of the tenants’ association; Aiguasol, solar thermal energy; and ITEC, Catalan Institute of Construction and Technology—performed LCAs (life cycle analyses) to decide on cost-effectiveness of circular solutions. The retrofit project encompassed low levels of tenant consultation and feedback sessions. The importance of managing conflicts that arise during tenant involvement in decision-making processes was recognized. A 'circularity agent' was proposed to teach tenants how to use complex technical systems, potentially fostering in-house expertise. Relationship to Urban Environment: Located in Sabadell Sud near the local airport, the block has undergone a significant transformation over the years. It has evolved from an isolated building, the once surrounding fields now transformed into a densely populated urban environment. Notably, it seamlessly integrates into this urban landscape, with a tonally harmonious façade that bathes the surroundings in a warm and visually appealing ambiance. The ground floor is dedicated to the community, fostering a strong connection to the local area and its residents. The nearby pedestrianized streets, adorned with benches, trees, and versatile playground equipment for all age groups, create a welcoming and inclusive atmosphere. This building plays a vital role as it provides accommodation exclusively for social housing residents, contributing to the rich social fabric of the urban community.

Mason Place is a permanent supportive housing development in the city of Fort Collins, Colorado, US, developed by Housing Catalyst, that uses trauma-informed design to create a safe and supportive environment for residents. It is a home to individuals who may have been suffered both short and long-term periods of homelessness while ten units are reserved for veterans (Housing Catalyst, 2021; Kimura, 2021). For over five decades, Housing Catalyst has been a cornerstone of the Northern Colorado community, unwavering in its commitment to providing accessible and affordable housing solutions. Through innovative, sustainable, and community-centric approaches, Housing Catalyst has developed and managed over 1,000 affordable homes, becoming the largest property manager in the region (Housing Catalyst, 2021). Housing Catalyst plays a pivotal role in administering housing assistance programs, serving thousands of residents each year. With a steadfast focus on families with children, seniors, individuals with disabilities, and those experiencing homelessness, Housing Catalyst tirelessly strives to make homeownership a reality for all (Housing Catalyst, 2021). To create Mason Place, Housing Catalyst gave a new purpose to an old movie theatre by designing it with trauma survivors in mind. This resulted in a building with a skylighted atrium, large windows in units and common spaces, live plants, and wooden skirting board to create a calming environment. Case managers (on-site service assistants provided by the Homeward Alliance) worked with residents to develop and implement individualized plans to address their unique needs. This included assistance with finding employment, accessing healthcare, and securing permanent housing. Case managers also provided support and encouragement for residents to develop the skills and helped them to gain confidence (Homeward Alliance, 2021). David Rout, executive director of Homeward Alliance, said:  “When it comes to our community's ongoing effort to make homelessness rare, short-lived and non-recurring, developments like Mason Place are the gold standard. It will immediately provide dozens of our most vulnerable neighbors with a safe place to live and the supportive services they need to stay housed, healthy and happy” (Coloradoan, 2021). Homeward Alliance, a non-profit organization that provides a continuum of care in Fort Collins, provided two case managers at Mason Place, who worked with individuals and families to develop plans to address their long-term needs, and to help residents with Activities of Daily Living (ADLs), such as using the bus system, proper personal hygiene, and cooking, as well as Instrumental Activities of Daily Living (IADLs), among them,  accessing treatment for mental health issues, applying for a job, and obtaining healthcare benefits. In addition to case management, Homeward Alliance also provided a variety of support services, including mental health services, substance abuse treatment, employment services, and other needed care. Affordability aspects The affordability of housing has been a long-standing priority for the city of Fort Collins. As highlighted in the city plan (City of Fort Collins, 2023), and also in the housing strategic plan (City of Fort Collins, 2021), housing affordability is a key element of community liveability. The Transit-Oriented Development (TOD) overlay zones, such as the College/Mason corridor to the South Transit Center are used to encourage higher-density development in areas that are well-served by public transit. These zones typically have additional land use code standards, such as higher density requirements, mixed-use requirements, and pedestrian-friendly design standards. One of the provisions of the TOD is the allowance of one additional story of building height if the project qualifies as an affordable housing development and is south of Prospect Road. This allows the developer to build more units in exchange for 10% of the units overall being affordable to households earning 80% of Area Median Income (AMI) or less. This provision is designed to increase the supply of affordable housing in TOD areas, which are typically located near public transit and other amenities. By allowing developers to build more units in exchange for providing affordable housing, TOD areas become more accessible to lower-income residents. In addition to increasing the supply of affordable housing, TOD can also help to achieve other sustainability goals. For example, encouraging people to live in those areas helps to reduce vehicle miles travelled and air pollution. Overall, the TOD provision is a win-win for both developers and communities. It allows developers to build more units in desirable locations, and it helps to provide inclusive and affordable for all residents (City of Fort Collins, 2021). As the community continues to grow, a significant portion of the population is struggling to afford stable and healthy housing. Nearly 60% of renters and 20% of homeowners are cost-burdened (City of Fort Collins, 2021)., meaning they spend more than 30% of their income on housing. Black, Indigenous, and People of Color (BIPOC) and low-income households are disproportionately affected by this issue, with lower homeownership rates, lower income levels, and higher rates of poverty (City of Fort Collins, 2021). The city facilitates affordable housing to promote mixed-income neighbourhoods and reduce concentrations of poverty. In 2018 Housing Catalyst submitted a funding application to the Colorado Housing and Finance Authority's Low Income Housing Credit programme and the construction started in 2019. Currently, Mason Place provides affordable housing, in form of low-income apartments, and coordinated services to help people stabilize their lives and move forward. Housing Catalyst works closely together with the National Equity Fund, which is a nonprofit organization that delivers new and innovative financial solutions to expand the creation and preservation of affordable housing. According to the Fund, everyone deserves a safe and affordable place to live. Their vision is that all individuals and families must have access to stable, safe, and affordable homes that provide a foundation for them to reach their full potential (National Equity Fund, 2022). Mason Place houses the disabled and homeless, including military veterans earning up to 30 percent of the area median income, or about $16,150 for a single person.   

Over the last decades, ESG debt issuance, through green, social or sustainability-linked loans and bonds has become increasingly common. Financial markets have hailed the adoption of ESG indicators as a tool to align capital investments with environmental and social goals, such as the decarbonisation of the social housing stock. According to the Climate Bonds Initiative (CBI), the green debt market has experienced a 50% growth over the last five years (CBI, 2021). However, the lack of clearly established indicators and objectives has tainted the growth of green finance with a series of high-level scandals and accusations of green-washing, unjustified claims of a company’s green credentials. For example, a fraud investigation by German prosecutors into Deutsche Bank’s asset manager, DWS, has found that ESG factors were not taken into account in a large number of investments despite this being stated in the fund’s prospectus (Reuters, 2022). To curb greenwashing and improve transparency and accountability in green investments, the EU has embarked on an ambitious legislative agenda. This includes the first classification of environmentally sustainable economic activities: the EU Green Taxonomy (Regulation 2020/852). The Taxonomy is directly linked to the European Commission’s decarbonisation strategy, the Renovation Wave (COM (2020) 662), which relies on a combination of private and public finance to secure the investment needed for the decarbonisation of social housing. Energy efficiency targets have become increasingly stringent as the Energy Performance of Buildings Directive (EPBD) and its successive recasts (COM(2021)) have been incorporated into national legislation; see for example the French Loi Climate et Resilience (2021-1104, 2021). Consequently, capital expenses for SHOs are set to increase considerably. For example, in the Netherlands, according to a Housing Europe (2020) report, attaining the 2035 energy efficiency targets set by the Dutch government will cost €116bn. Sustainable finance legislation constitutes an expansion of the financial measures implemented by the EU in recent decades to incentivise energy efficiency standards as well as renovations in the built environment. For more detail on prior EU policies, see Economidou et al. (2020) and Bertoldi et al. (2021). The increased connections between finance and energy performance raise specific questions regarding SHOs’ access to capital markets in light of the shift toward ESG. The rapidly expanding finance literature on green bonds draws from econometric models to explore the links between investors’ preferences and yields (Fama & French, 2007). This body of literature on asset pricing relies on the introduction of non-pecuniary preferences in investors’ utility functions together with returns and risks to explain fluctuations in the equilibrium price of capital. Drawing from a comparison between green and conventional bonds, Hachenberg and Schiereck (2018) find evidence of the former being priced at a premium. Similarly, Zerbib (2019) also shows a low but significant negative yield premium for green bonds resulting from both investors’ environmental preferences and lower risk levels. The European Commission’s Joint Research Centre (Fatica & Panzica, 2021) documents the dependency of premiums on the issuer with significant estimates for supranational institutions and corporations, but not for financial institutions. While these econometric approaches offer relevant insight into the pricing of green bonds and the incentives for issuers and investors, they do not account for the institutional particularities of social housing, a highly regulated sector usually covered by varying forms of state guarantees and subsidisation (Lawson, 2013). ESG-labelled debt instruments & Related Legislation Throughout the last two decades, the term ESG finance has evolved to include a large number of financial vehicles of which green bonds have become the most popular (Cortellini & Panetta, 2021). In the social housing sector, ESG comprises a broad array of tools from sustainability-linked loans to less conventional forms of finance such as carbon credits. When it comes to bonds, there is a wide variation in the sustainability credentials among the different types. Broadly speaking, green and social bonds are issued under specific ‘use of proceeds’, which means the funds raised must be used to finance projects producing clear environmental or social benefits. The issuance of these types of bonds requires a sustainable finance framework, which is usually assessed by a third party emitting an opinion on its robustness. Sustainability-linked bonds (SLBs) are an alternative to ‘use of proceeds’. Funds raised in this manner are not earmarked for sustainable projects, but can be used for general purposes. SLBs are linked to the attainment of certain company-wide Key Performance Indicators (KPIs), for example an average Energy Performance Certificate (EPC) rating of “C” in an SHO’s housing stock. These indicators and objectives usually result in a price premium for Sustainable Bonds, or a rebate in interest rates in the case of SLBs or sustainability-linked loans (SLLs) (Cortellini & Panetta, 2021). While there are international standards for the categorisation of green projects such as the Green Bond Principle or the Climate Bonds Strategy, strict adherence is optional and there are few legally-binding requirements resulting in a large divergence in reporting practices and external auditing. To solve these issues and prevent greenwashing, the EU has been the first regulator to embark on the formulation of a legal framework for green finance through a series of acts targeting the labelling of economic activities, investors, corporations and financial vehicles. First, the EU Green Taxonomy (Regulation (EU) 2020/852) is the cornerstone of this new legislation since it classifies economic activities attending to their alignment with the objectives set in the European Green Deal (EGD). When it comes to housing, the EU Taxonomy requires specific energy efficiency levels for a project to be deemed ‘taxonomy aligned’. Second, the Sustainable Finance Disclosure Regulation (SFDR) (Regulation (EU) 2019/2088) mandates ESG reporting on funds, which tend to consist of exchange-traded collections of real assets, bonds or stocks. Funds are required to self-classify under article 6 with no sustainability scope, ‘light green’ article 8 which incorporates some sustainability elements, and article 9 ‘dark green’ for funds only investing in sustainability objectives. Under the SFDR, which came into effect in January 2023, fund managers are required to report the proportion of energy inefficient real estate assets as calculated by a specific formula taking into account the proportion of ‘nearly zero-energy building’, ‘primary energy demand’ and ‘energy performance certificate’ (Conrads, 2022). Third, the Corporate Sustainability Reporting Directive (CSRD)(COM(2021) 189) increases disclosure requirements for corporations along Taxonomy lines. This legislation, which came into effect in 2023, will be progressively rolled out starting from larger and listed companies and expanding to a majority of companies this decade. Provisions have been made for charities and non-profits to be exempt. However, one of the key consequences of disclosure requirements over funds through the SFDR is its waterfall effect; that is the imposition of indirect reporting requirements as investors pass-on their reporting responsibilities to their borrowers. Fourth, the proposed EU Green Bonds Standards (EU-GBS) COM(2021) 391 aims to gear bond proceedings toward Taxonomy-aligned projects and increase transparency through detailed reporting and external reviewing by auditors certified by the European Security Markets Authorities (ESMA). The main objectives of these legislative changes is to create additionality, that is, steer new finance into green activities (see Figure 1).   While this new legislation is poised to increase accountability and transparency, it also aims to encourage a better management of environmental risks. According to a recent report on banking supervision by the European Central Bank (ECB), real estate is one of the major sources of risk exposure for the financial sector (ECB, 2022). This includes both physical risks, those resulting from flooding or drought and, more relevant in this case, transitional risks, that is those derived from changes in legislation such as the EPBD and transposing national legislation. The ECB points to the need for a better understanding of risk transmission channels from real estate portfolios into the financial sector through enhanced data collection and better assessments of energy efficiency, renovation costs and investing capacity. At its most extreme, non-compliance with EU regulations could result in premature devaluation and stranded assets (ECB, 2022). In short, the introduction of reporting and oversight mechanisms connects legislation on housing’s built fabric, namely the EPBD, to financial circuits. On the one hand, the EU has been strengthening its requirements vis-à-vis energy efficiency over the last decades. The Energy Efficiency Directive (EED) suggested the introduction of Minimum Energy Performance Standards (MEPS) by Member States (Economidou et al., 2020), a rationale followed by France and the Netherlands for certain segments of the housing stock. Currently, policy-makers are debating on whether the EPBD’s recast (COM/2021/802) should incorporate MEPS and make decarbonisation an obligation for SHOs across the EU. On the other hand, legislation on green finance aims to produce incentives and oversight over investments in energy efficient renovation and new build, mobilising the private sector to cater to green projects (Renovation Wave (COM(2020) 662)).