“The Corporation has a good record in preventing serious financial failure in the sector, but risk in the sector is changing. Although the Corporation is reforming its approach, we recommend further steps to protect the interests of taxpayers and tenants.”
Housing associations registered with the Housing Corporation own or manage some 1.45 million homes, a third of the social housing stock in England, housing some 3.2 million people. Over £24 billion of public money has been invested in the sector and a further £1 billion a year is planned over the coming years. These associations, known as Registered Social Landlords (RSLs), provide housing at affordable rents for the homeless and people on low income or with special needs. RSLs are responsible for managing the variety of risks that they face, while the Corporation is responsible for regulating how well they do this. The Corporation has the complex task of seeking to ensure that tenants’ homes and taxpayers’ investments are protected, while also avoiding restriction on RSLs’ scope to engage in well-managed risk taking.
19 Apr 2001