The British Property Federation has today published a Code of Governance for For-Profit affordable housing providers. This culminates almost a year of work on a Code, led by Rob Beiley, Partner at law firm Trowers & Hamlins who has worked with consultancy Campbell Tickell and a working group of investors and advisors.
The Code establishes a set of standards which embody and aim to promote good governance practice in the for-profit registered provider (FPRP) sector in England. Institutional Investment - largely via FPRPs - plays a valuable and increasingly significant role in the provision of affordable housing.
Rob Beiley, partner and Chair of the BPF's affordable housing committee said:
"The publication of a bespoke code for For-Profit providers reflects the growing maturity of the for-profit sector. Given the acute need for affordable housing in England and the headwinds faced by the housing association sector in meeting that demand, institutional investment is likely to form a cornerstone of the next government's delivery and this Code demonstrates how the For-Profit sector can not only provide the capital that is necessary but can do so in a way that embeds the principles of good governance.
"Our work on this code, together with our proud track record in advising investors on the registration or acquisition of For Profit affordable housing providers is further demonstration of our market leading practice in bringing much needed new equity funding into the affordable housing sector."
Ian Fletcher, Director of Policy at the BPF added:
"Housing is essential to the UK's economic and social prosperity. Pension funds are a key source of new capital for delivering homes and, as we set out in our manifesto for housing – Building for Generations, our offer to the next Government is to deliver a step change in output of homes across all tenures, including affordable housing. The publication of a Code of Governance for For-Profit Registered Providers provides a framework that will enable providers to demonstrate to stakeholders the highest standards of good governance and positive stewardship of affordable housing."
