Housing Corporation News Release

Regulatory burden reduced by Corporation publications

28 March 2007 Ref: 34/07

Three publications in the Housing Corporation’s “How we regulate” series issued today (Wednesday 28 March) provide additional explanations of how the Corporation carries out its regulatory work.

All three publications meet the Elton recommendations to provide greater transparency on how the Corporation carries out its regulatory function and take forward its commitment to reducing the regulatory burden on associations.

How We Regulate 2: Risk based regulation has been revised to respond directly to Elton Report recommendations to provide detailed information on the Corporation’s risk assessment model and introduces a new approach to the regulatory arrangements for smaller housing associations.  The regulatory arrangements for smaller associations (RASA), which offer a lighter regulatory regime, are now available to associations with up to 1000 homes.

How We Regulate 3: Self assessment compliance statements and annual efficiency statements has also been revised.  This is now aimed at housing associations with over 1000 homes and further embeds the Elton recommended changes implemented in 2006 to make the self-assessment process more targeted, focusing on year on year improvement and addressing specific issues.

How We Regulate 8: New stock transfer associations is an entirely new publication, providing additional transparency on the Corporation’s regulatory regime for this group of housing associations.

Clare Miller, Director of Regulation at the Housing Corporation, said,

“The Housing Corporation is committed to continuing to meet Elton’s recommendations, to reduce the burden of regulation on housing associations by developing our risk based approach, as well as to ensure that our processes and procedures and transparent and clear.  These three regulatory publications all contribute to greater transparency, and I am delighted that they have been welcomed by the sector during our consultations.”

Sasha Deepwell, Assistant Chief Executive of PLUS Housing Group which took part in the consultation to revise How We Regulate 2 said,

"We welcome the approach to transparency - the detail given is extremely useful.  We are pleased to note the commitment given to explaining to associations how they will be assessed against the framework.  We also welcome the continuing trend to self assessment and self regulation to avoid adding to any bureaucratic burden on associations.  The approach in general appears to be one based on an open and mature dialogue with associations - an approach we appreciate."
 
Julian Foster, Director of resources, Cross Keys Homes Limited said,

"I think that How We Regulate 2: risk based regulation will be very positively received in the whole transparency debate over regulation – which I welcome.  I think the document reads well and congratulate the Corporation on getting such a large number of people involved in the consultation process."

The How we regulate series of publications can all be found on the Housing Corporation’s website.

Ends.

Notes to Editors
1) For further press information, please contact Katy Nicholson on 020 7393 2115.

2) The Housing Corporation is the Government agency responsible for investing in new affordable homes and regulating nearly 2,000 housing associations across England.  Its biggest ever investment programme of £3.9 billion for 2006-08 will fund 84,000 homes;  49,000 of these will be for affordable rent, and 35,000 will be for affordable sale through the Government's new HomeBuy initiative, helping people to get a foot on the property ladder.

3) The Housing Corporation is working with English Partnerships and Communities and Local Government to establish the proposed new national housing and regeneration agency, Communities England.