Housing Associations​

Housing associations face the challenging task of managing a large inventory of rental properties. Due to rising market interest rates, maintenance and management costs, the sustainable earnings model of many associations is under pressure. Investments only yield returns in the long term, making sound treasury management of great importance.

We apply our extensive experience in the housing association sector to further professionalize the treasury function together and to provide your organization with more resilience against risks.

What is the ideal structure of your loan portfolio given the current interest rate climate? How do you ensure that ambitions and plans remain financially viable? In what way does your organization generate relevant insights based on the liquidity position for the short and long term?

We use our sector and treasury knowledge to generate insights that allow your organization to make well-considered policy choices.

Zanders has been supporting small, medium, and large housing associations for 30 years. Our advisory focuses on creating the prerequisites for an adequate treasury organization, with effective implementation of the treasury framework. A prudent financial policy focused on continuity is essential, as is adequate filling of the treasury function and sound integral risk management.

With its wide client portfolio combined with our experienced advisors, Zanders has a prominent position in the Dutch housing association sector.

Our expertise

Financing Strategy​

Free access to the capital market is essential for the business model of housing associations. A sound financing strategy aids in controlling interest rate and liquidity risk. By consciously steering financing based on internal target norms and external frameworks, you maintain control over financial operations. It contributes to achieving long-term objectives and is leading for the financing policy.


The objective is to structure the financing portfolio within the external and internal frameworks in such a way that it aligns with the multi-year real estate and financing portfolio. Zanders can assist your organization in securing guaranteed (non-commercials) financing from sector banks and attracting unguaranteed (commercial) financing from various financiers.

Treasury Committee​

Decision-making regarding treasury activities takeplace in the treasury committee. Zanders acts as an independent advisor and keeps your organization informed about current legislation and regulations, as well as relevant developments in the money and capital markets.

Treasury Annual Plan​

As part of the treasury cycle, housing associations annually prepare a Treasury Year Plan (TYP). The TYP must seamlessly align with both the Treasury Bylaws and the Financing Strategy. Specific attention is paid to financing and the ongoing developments in the capital market. The TYP also focuses on identifying and managing risk positions, thereby adopting a solid risk management strategy.

Interest Rate Risk Management

The interest rate risk on the loan portfolio reflects the possibility that future operational cash flows may be adversely affected by changes in interest rates. To manage the interest rate risk, Zanders implements various strategies to spread the interest rate risk. This includes both the interest rate risk on the current portfolio and the interest rate risk due to future investments.

Treasury Frameworks​

The treasury bylaws put in place the framework of the organization’s treasury function. Zanders can periodically establish, evaluate, and update these frameworks as needed. Based on changes in legislation and regulations, it is necessary to adjust and amend the frameworks where it is needed.


Treasury trainings

Zanders’ treasury training provides employees of housing associations with a comprehensive overview of all relevant topics in the field of treasury and financing at housing associations: from financing strategy to interest rate risk management, commercial and non- commercial financing, liquidity forecasts, cash management, and the structure of your treasury organization. The trainings offer a combination of theoretical knowledge and practical experience that is directly applicable to your own practice.

Click here to learn more. ​



Based on our years of experience in the public sector, Zanders has developed TREASURYnxt: An integrated solution for contract management, liquidity forecasting, and multi-year budgeting. Manage loans, derivatives, and credit facilities in one simple application. Gain insights from your cash flows, easily generate new forecasts and get a flexible solution for the multi-year perspective, including scenarios and shocks.

Click here to learn more. ​​

Want to know more? We love to connect.

Latest Insights

View all Insights


is now part of Zanders

In a continued effort to ensure we offer our customers the very best in knowledge and skills, Zanders has acquired Fintegral.

This site is registered on as a development site.