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HCA gives Genesis more freedom over property disposal in housing association first

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HCA gives Genesis more freedom over property disposal in housing association first

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Published by Jon Land for 24dash.com in Housing and also in Regulation

HCA gives Genesis more freedom over property disposal in housing association first HCA gives Genesis more freedom over property disposal in housing association first

Genesis Housing Association announced today that the Homes and Communities Agency (HCA) has granted general consent to its property disposal plans, through powers under the Housing and Regeneration Act 2008.

The move means that Genesis, which is the first housing association to be granted this type of consent, will be able to pursue an asset management strategy that will enable it to invest in the development and regeneration of more affordable housing in the future.

Over the next three years Genesis aims to deliver over 3,000 new homes, the majority of which will be affordable housing. The general consent allows the housing association to dispose of vacant assets without needing permission each time from the regulato, with the proceeds being recycled to provide a wide range of housing options and investment in the regeneration of neighbourhoods.

Disposals will be monitored by the regulator, while the consent will be reviewed after a period of three years.

Neil Hadden, Chief Executive of Genesis, said: “At a time when the level of new public subsidy for affordable housing is low and expected to be under further pressure, this consent will allow us to work strategically with local authority partners to deliver much needed homes by pursuing an asset management strategy which looks at the viability of existing stock and its fitness for purpose in the future. Making such decisions will enable us to invest in and deliver more new homes better suited to the needs of today and tomorrow.”

Mr Hadden added: “The consent signals the strength of our asset management strategy and is an important step in the evolution and positioning of Genesis for the future.”

Kevin Millgate, strategic regulation manager at the HCA, said: “The HCA is focused on protecting social housing assets through robust economic regulation and this includes giving providers the space to manage their businesses responsibly, while ensuring they maintain a firm grip on risks. So where it is appropriate to grant a general consent of this nature then we will do so.”

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