Broadland is still financially robust
I write in response to the article entitled ‘Duo slip from TSA standards’ (Inside Housing, 11 June) which reported the latest regulatory judgement made by the Tenant Services Authority of Broadland Housing Association. This judgement suggested, inappropriately in our view, that the association’s finances are vulnerable to deterioration.
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Our discussions with the TSA suggested that our financial status was assessed against a set of arbitrary and generalised criteria, which are unrelated to the specific lending criteria set by our five individual funders and the interest rates attached to our loan book. These criteria did not appear to take account of our committed development programme and the board’s views on how any risks would be mitigated should economic circumstances change. This was a disappointment to both the board and the staff.
I was surprised to discover that 52 per cent of registered providers share our rating, as developing housing associations. This assessment has caused unnecessary concern and distress to some of our stakeholders, including vulnerable customers.
I would like to stress that Broadland Housing continues to be both financially robust and operationally strong - focused on delivering services to our tenants and playing an effective role within our communities. Indeed, more recent 30-year business planning shows that despite a negative retail price index in September 2009, the group will increase its turnover in 2010/11 by nearly £800,000 and remains fully compliant with all covenants.
I am proud that we are continuing to help to meet the housing needs of families in our area. This is an essential strategic goal, particularly in these times of economic uncertainty.
Baroness Hollis of Heigham, group chair, Broadland Housing