CEO’s review

At Y-Foundation, the first half of 2019 went very well. We have built new affordable rental apartments and acquired apartments for targeted housing with STEA funding. New construction projects are being planned. The Group’s finances also grew according to plan during the first six months of the year.

In autumn 2018, we published our Government Programme objectives and presented means with which homelessness could be eradicated from Finland in two government terms. Clearly, our wishes were heard. The Government that took office this spring included the goal in its Government Programme – Finland could become the first country in the world to eradicate homelessness. We are glad that we can contribute to this ambitious but realistic goal.

The achievement of the goal requires an increasing number of rental apartments in growth centres. However, this alone is not enough.

To keep housing-related expenses within the limits of households’ resources, housing must be affordable and, if necessary, secured with housing allowance. Housing counselling is also needed to prevent the unplanned loss of housing. The new Government is committed to these goals, too.

During the review period, we launched several projects to support our tenants’ housing in various ways. In the VelatOn project,
launched earlier this year, we look into the reasons behind rent arrears and ways to prevent debts from incurring. The Uuras activities that support our tenants in finding employment have also been expanded.

There has been a great deal of international interest in the Finnish success story of reducing homelessness. This year, too, we have been visited by numerous groups of media professionals and expert guests. We are grateful to our organisational partners and tenants who, in addition to our experts, have told our guests about the successes achieved with the Housing First model.

Every day, we work determinedly to make Finland the first country in the world to eradicate homelessness. I would like to thank our personnel and partners for their committed efforts towards the achievement of this goal. Together, we work to ensure that everyone in Finland can have a home.

Juha Kaakinen


Half-year report H1/2019

Group revenue (EURm)

Rent margin (%)

Operating surplus (EURm)

Investments (EURm)

Equity ratio at fair values (%)

Equity ratio at book values (%)

Economic occupancy rate (%)

Total number of apartments (pcs)

state-subsidised ARA rental apartments
apartments for specific target groups
new rental apartments during the review period
employees at the end of the review period
average age of the personnel
per cent of the personnel were women