The two listed social housing REITs, Civitas Social Housing and Triple Point Social Housing REIT, have responded to regulatory judgements on two of their tenants.
Pivotal Housing Association and Hilldale Housing Association both breached the Regulator of Social Housing’s (RSH’s) governance and financial viability.
Civitas said Pivotal, which represents 3.96% of its rent roll, and Hilldale, which represents 0.97%, both remain fully up to date with all lease payments due to the company, the levels of which have been tested, and added this was expected to continue to be the case. It added that both were “addressing issues identified to return the organisation to a compliant position”.
Pivotal accounts for 0.7% of Triple Point’s rent roll, while Hilldale accounts for 9.5%.
The judgements follows the regulator’s ongoing review of the specialised supported housing sector. Around 14 housing associations have now been declared non-compliant by the regulator over the past three years.
[QD comment: These are the latest judgements handed down by the regulator in its review of the sector, and shouldn’t come as a great surprise. The immature nature of the sector means that issues such as governance were always likely and both Civitas and Triple Point have been working tirelessly with their housing association tenants and the regulator to improve standards across the sector, which is in everyone’s interest. The fundamentals driving growth in the sector continue, with demand for specialist accommodation for vulnerable people only increasing.]
CSH : SOHO : Civitas and Triple Point Social Housing respond to regulator update