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HA with non-compliant governance rating agrees £45m funding deal
The housing association Ongo Partnership, which is currently judged to be non-compliant with the English regulator’s governance standards, has signed a £45m funding deal with Barclays.
Scunthorpe-based Ongo said it plans to use the money from the revolving credit facility to fund its plan to build 1,500 new homes by 2024.
The 10,000-home housing association was given a G3 rating for governance in February. The Regulator of Social Housing said this was because the association had allowed an unnamed executive to access their pension before it matured. This made Ongo liable for significant financial costs and put at risk both its reputation and that of the wider sector.
A spokeswoman for the regulator confirmed to Inside Housing that Ongo still has the G3 rating.
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Commenting on the funding secured from Barclays, Ashley Harrison, director of resources and commercial services at Ongo Partnership, said: “This deal represents excellent value for Ongo. We are delighted to have secured this funding, which gives us the additional capacity we need to continue developing much-needed affordable homes, as we strive to improve our local communities in North Lincolnshire.”
David Glover, relationship director at Barclays, added: “We have a strong and longstanding relationship with Ongo. For Barclays to support the next stage of their evolution through additional funding was an obvious fit for us and underlines our ongoing commitment to the social housing sector in the UK.”
