Legal & General Affordable Homes has achieved registered provider (RP) status.
Legal & General (L&G) said registration of its for-profit provider with the Regulator of Social Housing represents a “significant milestone” in its business plan, allowing it to hold and manage regulated affordable housing assets.
Legal & General Affordable Homes said it can now significantly 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.
Simon Century, head of affordable housing at Legal & General Capital, said the registration will help the RP deliver its business plan “and commitment to the sector to make a genuine contribution to increasing supply whilst advancing overall service delivery”.
He added: “We are very much looking forward to getting on with the job and working towards delivering our first sites soon.”
L&G announced the launch of its new provider in April, saying it wanted to become the leading private affordable housing provider in the UK amid a plan to establish institutional investors as landlords.
The insurance, pensions and investment management company is looking to shake up the “underinvested” affordable housing sector.