Supervised RSL given overdraft guarantee

14 Dec 00
A registered social landlord placed under supervision by the Housing Corporation is being provided with an overdraft guarantee to protect tenants while it seeks a new partner.

15 December 2000

The corporation announced in November that it was placing West Hampstead Housing Association in north London under supervision because of concerns over its governance, financial situation and management.

The association owns about 450 homes and manages a further 2,700 units of temporary accommodation in north London. It lets about 1,000 homes per year – mainly to homeless families.

The corporation said it was taking the 'highly unusual step' of providing the overdraft guarantee to West Hampstead's bankers because the RSL had so many tenants living in temporary accommodation.

Simon Dow, the corporation's deputy chief executive, said it should give West Hampstead time to pursue a partnership with a financially stronger housing association.


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