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For-profit provider given access to Homes England grant funding
For-profit housing provider ReSI Housing has been awarded investment partner status by Homes England, meaning it can now access the government’s £4.7bn Shared Ownership and Affordable Homes Programme.
The agreement means that the for-profit provider, which is owned by investment firm Residential Secure Income (ReSI), will now be able to access government grant in order to build affordable homes outside of London.
ReSI Housing is already an investment partner with the Greater London Authority, through which it has secured £6m of grant to support the delivery of shared ownership homes in the capital.
Since it launched in 2017, ReSI has acquired a portfolio of over 2,678 homes, of which 2,223 are retirement housing units, 166 are shared ownership homes and 289 are temporary accommodation units leased to local authorities.
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Other for-profit housing providers, including shared ownership provider Heylo and Legal & General’s for-profit provider, L&G Affordable Homes, have already gained access to Homes England grant via its Affordable Homes Programme.
An analysis of the latest government data by Inside Housing found that at least £171m (8%) of the £2bn that has been allocated via the programme since 2016 went to either private companies or for-profit providers.
Last month, the parent of ReSI’s fund manager, ReSI Capital Management, was acquired by asset management giant Gresham House as part of the latter’s plans to expand within the social housing sector.
David Orr, former chief executive of the National Housing Federation, was appointed as chair of ReSI Housing in 2018. Its chief executive is Mark Rogers, the former chief executive of Circle Housing, which later merged with Affinity Sutton to become Clarion.
Alex Pilato, co-chief executive of ReSI Capital Management, commented: “Achieving investment partner status from Homes England allows ReSI to help them bring forward much-needed new affordable housing right across the UK, working with national house builders in allocating funds efficiently.”
