This registration means that Legal and General Affordable Homes can now accelerate its business plan of developing, holding and managing a blend of affordable housing tenures where the regulated status is required.
These include both social and affordable rent and shared ownership homes under grant-supported and section 106 schemes.
This registration is also a milestone for the sector, marking the important role institutional capital and new funding streams will have in increasing housing output to address this major societal issue.
The realisation of RP status recognises the sector expertise and robust corporate governance brought in by Legal and General to support the acceleration and growth of the UK’s affordable housing provision.
Legal and General remains committed to working in close partnership with local authorities and leading existing affordable housing providers to deliver 3,000 homes per year within the next four years.
Simon Century, head of affordable housing at Legal and General Capital, said that affordable housing has been a classic example of where a lack of new capital has had a big impact required provision is rising year on year.
He added: “We are therefore delighted that the Regulator of Social Housing has registered Legal and General Affordable Homes, enabling us to deliver our business plan and commitment to the sector to make a genuine contribution to increasing supply whilst advancing overall service delivery.
“We are very much looking forward to getting on with the job and working towards delivering our first sites soon.”