LONDON - Notting Hill Genesis, a prominent London housing association, has publicly responded to a regulatory judgement by the Regulator of Social Housing, maintaining its financial viability rating but facing criticism over governance and consumer standards. The judgement, released today, retains the association's financial viability rating at V2, introduces a consumer rating of C3, and downgrades the governance rating from G1 to G3.
The unchanged V2 rating signifies the financial stability of the organization, which has been recently corroborated by its ratings agencies. Despite this, the drop in governance rating to G3 highlights areas needing improvement. Patrick Franco, the chief executive of Notting Hill Genesis, expressed regret that services have not yet met the standards residents deserve, despite progress over the past year.
The association's "Better Together" strategy, launched in summer 2023, is a three-year plan aimed at delivering better homes and services. As part of this effort, Notting Hill Genesis has decided to prioritize existing homes over new developments, committing to £770 million in investments over the next decade.
Ian Ellis, chair of the Notting Hill Genesis group board, stressed the urgency of improving the standard of existing homes and returning to regulatory compliance. The Regulator of Social Housing acknowledged the association's positive engagement and the initiation of necessary improvements.
The plan includes substantial investments in home repairs, building and fire safety, and a reorganization of operations to focus on resident priorities. New leadership appointments have also been made to drive change within the organization.
In response to the regulatory judgement, Notting Hill Genesis has outlined actions to address non-urgent overdue fire remediation actions, invest in repair services, and improve stock condition surveys. Additionally, efforts are being made to enhance tenant engagement and overhaul the complaints handling process.
While the regulator has recognized the plans in place, the judgement underscores the need for long-term government support for social housing providers in London to meet high standards. Notting Hill Genesis has pledged to work with the new government to ensure adequate support for retrofit and remediation, building more affordable homes, and investing in supply chains and skills development.
This news article is based on a press release statement from Notting Hill Genesis.
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