RESI becomes a Registered Provider – Residential Secure Income (ReSI), which was set up to invest in the residential asset classes that comprise the stock of UK social housing providers, has announced that itI, through its wholly owned subsidiary ReSI Housing Limited, has become the first publicly listed investment fund to become a Registered Provider with the Regulator of Social Housing.
“ReSI Housing will provide a unique proposition to Housing Associations, being a long term private-sector partner social housing landlord who will keep their assets within the social housing regulatory environment. Thus Housing Associations can free capital to fund new developments whilst maintaining responsibility for management, maintenance and letting.
The regulatory environment for social housing emphasises good governance and financial viability, which is embraced by ReSI’s existing strategy, and provides further assurance to ReSI Housing’s Local Authority and Housing Association partners.”
They also say that “becoming a Registered Provider also allows ReSI Housing to acquire properties that are designated as affordable accommodation and those that are funded by government grant, thus expanding the range of opportunities available to ReSI.”
[QD comment: If you want to know more about the framework that social housing operates in, we suggest that you read our note on Civitas Social Housing. We aren’t sure what benefit ReSI really gains by going down this route – Civitas and Triple Point both allow housing associations to fund new developments whilst maintaining responsibility for management, maintenance and letting without being Registered Providers.]
RESI : RESI becomes a Registered Provider