The move means that Genesis, which is the first housing association to be granted this type of consent, will be able to pursue an asset management strategy which will enable it to invest in the development and regeneration of more affordable housing in the future.
Over the next three years Genesis aims to deliver over 3,000 new homes, the majority of which will be affordable housing. The general consent allows the housing association to dispose of vacant assets without needing permission each time from the regulator, with the proceeds being recycled to provide a wide range of housing options and investment in the regeneration of neighbourhoods. Disposals will be monitored by the regulator, while the consent will be reviewed after a period of three years.
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Neil Hadden, Chief Executive of Genesis said: "At a time when the level of new public subsidy for affordable housing is low and expected to be under further pressure, this consent will allow us to work strategically with local authority partners to deliver much needed homes by pursuing an asset management strategy which looks at the viability of existing stock and its fitness for purpose in the future. Making such decisions will enable us to invest in and deliver more new homes better suited to the needs of today and tomorrow."
(CD)
