GOVERNMENTS FEAR 'RESTRICTED BORROWING' WHICH MAY ARISE FROM RECLASSIFYING HOUSING ASSOCIATIONS
“Governments in Scotland, Northern Ireland, and Wales are planning to weaken regulation in the social housing sector ahead of a crucial decision by the Office of National Statistics (ONS) this month”, Inside Housing, reports
The ONS is expected to reclassify housing associations as public sector bodies.
Ministers do not want this reclassification because such a move would put housing association debt on the national balance sheet, which would mean association borrowing is restricted.
A consultant and former head of social housing at Dunfermline Building Society, said:
“My fear is that new lenders will be put off.”
According to the director of regulation, finance, and risk at the regulator, Ian Brennan, lenders would look at the deregulation package and “decide if they have implications for the credit rating of registered social landlords”.
He also said:
“We will continue to work constructively with government and lenders to deal with any challenges which may arise from this.”
Introduction The National Statement of Expectations for Supported Housing (NSE) was finally published on 20 October 2020, five years after the 2015 Comprehensive Spending Review suggested regulatory and oversight changes were needed, although in 2018 the government >>>
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