To ask the Secretary of State for Communities and Local Government, what steps he plans to take to deregulate housing associations.
This answer is the replacement for a previous holding answer.
Answered on
5 February 2015
The Government fundamentally reformed the regulation of housing associations in 2011 through the Localism Act, streamlining the regulatory system and refocusing it on economic regulation. Under the current statute the Regulator has a duty to minimise interference and must be proportionate, consistent, transparent and accountable. Since then, the Regulator has been making changes where appropriate to encourage innovation and private investment, while ensuring the protection of social assets and maintaining the confidence of private investors in the sector. In part because of our reforms, the sector has been able to attract significant private finance to deliver more new homes.
With £19.5 billion of public and private investment between 2011 and 2015 we are on course to deliver 170,000 new affordable homes. A further £38 billion public and private investment will help ensure 275,000 new affordable homes are provided between 2015 and 2020.