London landlord being probed over financial viability issue
A London-based housing association, which is currently barred from accessing grant funding in the capital, is being investigated by the regulator over a potential financial viability issue.
Christian Action (Enfield), which operates around 1,600 homes, has been placed on the Regulator of Social Housing’s ‘gradings under review’ list as a result of the investigation.
The probe could result in a downgrade to a non-compliant V3 grade, from the landlord’s current V2, the regulator said.
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The organisation is already non-compliant with the regulator’s governance standards. Last December it was downgraded to a G3 for weaknesses in financial governance, including inadequate financial monitoring and board reporting.
This led to City Hall announcing earlier this month that Christian Action (Enfield) had become one of three social landlords to have their “investment partner” status removed, meaning they are unable to claim grant made available by the mayor.
Christian Action (Enfield) manages affordable housing and residential supported housing for young people and older residents across Enfield, Haringey, Barnet and Waltham Forest.
In its last reported full year to March 2022, the group posted a surplus of £230,000 on turnover of £14.8m.
The regulator said the outcome of its investigation will be confirmed in a regulatory judgement.
Christian Action (Enfield) has been contacted for comment.
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