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A housing association slammed by the regulator for “putting its tenants at risk” has hired a new chief executive.
Alison Hadden, former chief executive of 13,000-home Paradigm Housing, has taken over on an interim basis at the non-compliant Trinity Housing Association, replacing Dr Khurshid Ahmed.
Trinity was given a G3 rating for governance and a V3 rating for financial viability in November last year, making it non-compliant on both fronts.
The damning judgement from the regulator made it the second housing association involved in leasing supported housing from investment funds to be declared non-compliant.
In a statement to Inside Housing, Anthony Arcari, chair of Trinity, said that Dr Ahmed had retired.
He said: “Dr Ahmed joined [Trinity] for a brief period as chair of the board but then stepped into the role of chief executive from August 2017, when rapid business growth resulted in the need to focus resources upon operational priorities and regulatory compliance.
“Dr Ahmed recruited specialist business planning, legal and governance advisors to assist [Trinity] with the process of achieving regulatory compliance and has been instrumental in addressing historic conflicts of interest, strengthening the board and implementing a new governance structure and policy framework.”
It comes as Joe Chambers, the former chief executive of B3 Living, has also resigned from the Trinity board, with Mr Arcari telling Inside Housing that he did this in order to focus on his new consultancy business.
Mr Chambers left B3 Living in November last year to join Auckland Home Solutions, another housing association whose business model is based on striking lease deals with investment funds.
Inside Housing understands, however, that he has not taken up this position.
A source at Auckland told Inside Housing that there is no current chief executive at the housing association and that the organisation is going through a “restructure”.
Earlier this month, Auckland signed an agreement with the real estate investment trust (REIT) Civitas, from which it leases properties.
This stated that it would pay all rents received for properties it leased from Civitas directly into an account that can only be used to make lease payments to the REIT, unless Civitas gives its permission for the money to be used for another purpose.