For-profit gets financial backing from US bank’s investment arm

Eugene Schreider, chief executive of Flint Housing, said: “This partnership (with MSREI) will allow us to further accelerate our new build affordable homes development pipeline and to begin to explore other innovative structures with partners, including local authorities and other registered providers.” 

It marks a growing trend of for-profits doing deals, or eyeing tie-ups, with traditional housing associations.

Hyde Group last year struck a deal with investment giant M&G and last month Inside Housing reported that a for-profit provider ultimately backed by energy giant Octopus was looking to partner with other registered providers. 

Flint was established in 2020 by former Crest Nicholson chief executive, Stephen Stone, and William Rucker, who was previously chair of the house builder.

It registered with the Regulator of Social Housing last summer. According to Companies House records, Mr Stone and Mr Rucker have “significant control” of the group. 

Two years ago Mr Schreider said Flint was aiming to deliver around 1,000 new affordable homes over the next three years “with strong ambitions beyond that”.

Shamik Narotam, managing director at MSREI, said: “The UK has a well-documented need for affordable housing and this is likely to grow further with current cost of living pressures. 

“We look forward to working with the Flint Housing team to provide high-quality affordable homes to those who cannot rent or buy in the private market.”

Research published last year suggested that for-profit social housing providers have the potential to deliver 130,000 new homes for shared ownership and rent by 2026.