Nuorisosäätiö

Nuorisosäätiö sr is a Finnish foundation whose stated purpose is social youth and educational work and the support of young people's independence. It supports young adults in independent housing and life by building and maintaining affordable rental apartments. In addition to housing, the foundation offers residents advice and guidance on independent living, support for life management, and leisure activities. Its rental homes are intended for working, work-seeking, and finishing-studies young adults aged 18–29, and residents may live in them until age 35. The foundation receives support from the Centre for Funding of Social and Health Organisations (STEA) and has financed construction with subsidies and interest-subsidised loans from the Housing Finance and Development Centre of Finland (ARA). The foundation was established in October 1961 by Keskustanuoret, the youth organisation of the Centre Party. At the beginning of 2018 it owned 67 residential buildings with 4,000 apartments, housing nearly 5,000 young people. Its apartments were located in Helsinki, Espoo, Vantaa, Tuusula, Järvenpää, Kerava, Sipoo, Nurmijärvi, Vihti, Riihimäki, Lahti, Hollola, Orimattila, Tampere and Lappeenranta. Its main office is in Herttoniemi, Helsinki. In 2009 the foundation had net assets of about 200 million euros. Nuorisosäätiö has been closely associated with the Centre Party and for many years distributed election support to Centre Party politicians, which led to a major scandal in autumn 2009. The foundation also faced serious financial difficulties in 2018 after losing 80 percent of its assets in loss-making business deals; its leadership was replaced and it lost its status as a public-benefit organisation. Police suspected that foundation funds had been channelled to its former leadership through unfavourable deals and rental agreements. The foundation sought debt restructuring in March 2019, but the restructuring was terminated in late 2020. Bankruptcy threatened, but the foundation survived in spring 2021 when creditors agreed to debt reductions. Today Nuorisosäätiö continues to offer rental apartments and housing support. Its website lists vacant and becoming-vacant apartments, an apartment application process, resident pages, contact details, fault and disturbance reporting, and frequently asked questions. It states that it offers rental apartments and support for working and work-seeking young adults aged 18–29, with residences available across five locations in Southern Finland, most in the Helsinki metropolitan area and surrounding municipalities. Pets are welcome in all its apartments.

Nuorisosäätiö was founded in October 1961 by Keskustanuoret, the youth organisation of the Centre Party. Its purpose was defined as social youth and educational work and supporting the independence of young people. Over the decades it built and maintained affordable rental housing for young adults, financed largely through public subsidies and loans from the Housing Finance and Development Centre of Finland (ARA). By the beginning of 2018 the foundation owned 67 residential buildings with 4,000 apartments, housing nearly 5,000 young people in locations including Helsinki, Espoo, Vantaa, Tuusula, Järvenpää, Kerava, Sipoo, Nurmijärvi, Vihti, Riihimäki, Lahti, Hollola, Orimattila, Tampere and Lappeenranta. In 2009 its net assets were about 200 million euros. From 1989 to 1999 it also had a representative villa near Zell am See in the Austrian Alps. In autumn 2009 a scandal erupted over election support the foundation had granted to Centre Party politicians. The foundation is close to the Centre Party and for many years distributed election support to its politicians, including Antti Kaikkonen, who served as chairman of the foundation, and former chairman Matti Vanhanen. The problematic aspect was that Vanhanen was involved in granting the foundation support from the Slot Machine Association (RAY) even though he had been a board member of the foundation. According to the TV2 programme Silminnäkijä, RAY had supported the foundation with a total of 40 million euros. RAY launched a special audit of the foundation. The National Board of Patents and Registration also began investigating the relationship between the foundation's activities and its rules. ARA examined the effect of election funding on the rents of the foundation's housing sites. The Advisory Board on Foundations and Funds also expressed concern. The foundation's managing director Seppo Pyykkönen denied that election support was contrary to the foundation's purpose. Antti Kaikkonen resigned as chairman of the foundation's board due to the scandal but remained a board member. According to police, the foundation distributed over 100,000 euros in election support to about 30 recipients in violation of its rules. About ten board members from 2002–2009 were suspected of crimes. Support was granted, among others, to Matti Vanhanen (23,000 euros) and Jukka Vihriälä (24,000 euros). In a trial on bribery that began in January 2012, the prosecutor demanded a suspended prison sentence for Antti Kaikkonen. In 2013 Kaikkonen was sentenced to five months' suspended imprisonment. Jorma Heikkinen, who served as the foundation's agent and board member, also received a suspended sentence. Seppo Pyykkönen, who started as agent in 2007, and board member Aki Haaro were fined. According to Iltalehti, Vanhanen's government approved subsidies of 16 million euros for the foundation. In construction, the foundation was allowed to build an apartment building in Helsinki at the intersection of two busy roads, a location the Finnish Environment Institute did not consider suitable for permanent housing. On 24 August 2016 Yle reported on business operations contrary to the foundation's principles. Under the leadership of Aki Haaro and Perttu Nousiainen, the foundation had been developed into a significant market-rate developer and landlord. According to the 2015 annual report, the foundation planned or was building 35 sites with more than 3,600 apartments, more than twice its then-current building stock. Key figures of the foundation declined Yle's interview requests. The foundation's board consisted mainly of Centre Party influencers. In spring 2018 managing director Aki Haaro and chairman of the board Perttu Nousiainen had to leave the foundation. During their time the foundation had fallen into serious financial difficulties. According to Jari Laine, chairman of the new board that started in summer 2018, the foundation was heading for liquidation or bankruptcy. Due to covenants in its financing agreements, 50 million euros of debt could have fallen due immediately. The foundation survived by selling one building with 155 residents. According to Laine and new managing director Kimmo Pihlman, the projects of Haaro and Nousiainen had endangered the foundation's existence. Because of the difficulties, the foundation planned to later sell seven other buildings as well as its development sites and plots. In summer 2018 the foundation discovered that of its 50 million euros in assets, 40 million had been lost to already realised or forthcoming losses. According to Jari Laine, 80 percent of the foundation's assets had been "blown" over four years through unfavourable business deals made by Aki Haaro and Perttu Nousiainen. Expensive purchases and contracts had been made in the foundation's name. GF Money, which had financed the foundation, cancelled its IPO in spring 2018 after the foundation demanded... [text truncated]. The foundation sought debt restructuring in March 2019, but the restructuring was terminated in late 2020. Bankruptcy threatened, but the foundation survived in spring 2021 when creditors agreed to debt reductions.

• Founded by Keskustanuoret (Centre Youth).

• Had a representative villa near Zell am See in the Austrian Alps.

• Net assets about 200 million euros; election funding scandal erupts.

• Bribery trial begins; prosecutor demands suspended sentence for Antti Kaikkonen.

• Antti Kaikkonen sentenced to five months' suspended imprisonment.

• Yle reports on business operations contrary to the foundation's principles.

• Managing director Aki Haaro and chairman Perttu Nousiainen leave; foundation in serious financial difficulties.

• New board led by Jari Laine; foundation discovers 80% of assets lost.

• Seeks debt restructuring.

• Debt restructuring terminated.

• Survives bankruptcy threat after creditors agree to debt reductions.

A social foundation providing affordable rental housing and independent-living support for young adults, historically linked to the Centre Party and financed largely through public subsidies.

• Affordable rental apartments

  Rental homes for young adults aged 18–29, available until age 35.

• Housing application service

  Online application for apartments across five locations in Southern Finland.

• Resident support and guidance

  Advice on independent living, life management, and leisure activities.

• Election funding scandal (2009)

• Financial difficulties and suspected misconduct (2018)

Read more

1. 1Etusivu - Nuorisosäätiönuorisosaatio.fi
2. 2Nuorisosäätiö - Wikidatawikidata.org
3. 3Nuorisosäätiö - Wikipedia (Finnish)fi.wikipedia.org