Legal & General Affordable Homes has been granted registered provider status.
The affordable housing subsidiary launched in April 2018. It will now look to accelerate its plan to develop, hold and manage various affordable housing tenures, including social rent, affordable rent and shared ownership homes under grant-supported and section 106 schemes.
Simon Century, head of affordable housing at Legal & General Capital, said: “Affordable housing has been a classic example of where a lack of new capital has had a big impact on hampering overall provision.”
Century noted that there are more than 1.3 million households on social waiting lists, with the required provision rising year on year. He said: “This is not a sustainable position.”
“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.”
L&G Affordable Homes has a target affordable housing delivery of 3,000 homes per year within the next four years. It has undertaken a significant recruitment programme since launch, and in August appointed Ben Denton as managing director and Karen Wilson as non-executive director.
