Members of our housing corporate and governance team were instructed by a housing association on the formation of an affordable housing delivery vehicle (D&BCo), a market sales vehicle (PropCo), a non-charitable services vehicle including a lettings agency (a commercial vehicle), and a non-registered charitable housing vehicle (ChariCo).
As the ChariCo was not registered with the Regulator of Social Housing as a registered provider of social housing, it could operate outside the requirements of the regulatory framework and provide homes outside the rent and tenure regulation. This allowed a bespoke, neighbourhood-specific approach to be taken on rents and tenancy arrangements. It is a charitable venture with objects that mirror those of housing associations.
Our team advised on all aspects of the project including considering stock transfer agreement obligations, charity law issues, disposal of properties and board composition, so that a partially co-terminous board could be implemented between the registered provider (RP) and the charitable housing vehicle.