Legal & General announces today that its subsidiary Legal & General Affordable Homes Limited, launched in April 2018, has been granted Registered Provider (RP) status.
10 Dec 2018
Registration by the Regulator of Social Housing represents a significant milestone in Legal & General Affordable Homes’ business plan, allowing it to hold and manage regulated affordable housing assets. The registration means Legal & General Affordable Homes can now significantly accelerate its business plan of developing, holding and managing a blend of affordable housing tenures where the regulated status is required. These include both social and affordable rent and shared ownership homes under grant-supported and Section 106 schemes.
With a growing crisis in the UK’s affordable housing sector and over 1.3 million households remaining on waiting lists, this registration is also a milestone for the sector, highlighting the important role institutional capital and new funding streams will have in increasing housing output to address this major societal issue.
Simon Century, Head of Affordable Housing at Legal & General Capital:
"...Over 1.3 million households are on social waiting lists and the required provision is rising year on year... We are therefore delighted that the Regulator of Social Housing has registered Legal & General Affordable Homes, enabling us to deliver our business plan and commitment to the sector to make a genuine contribution to increasing supply whilst advancing overall service delivery."