TSA monitors finances of six housing associations

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by Gill Montia

The newly launched Tenant Services Authority (TSA), which operates as a watchdog for the social housing sector, has reported that it has put six housing associations under close observation because of their finances.

In a recent appearance before the Communities and Local Government Select Committee, the authority’s chief executive-designate, Peter Marsh, explained that the problems caused by the credit crisis have meant that half a dozen housing associations are presenting more risk than usual.

The TSA will therefore be monitoring the cash flow of each association on a weekly basis and speaking with chief executives regularly, although Mr Marsh stressed that none of the associations are in “intensive care”.

He added that a small proportion of those on the list are medium to large-sized providers.

The TSA oversees 250 housing associations and has been tasked with promoting high standards in the social housing sector as well as acting as a watchdog for the UK’s eight million social housing tenants.

The authority was launched this month in conjunction with the Homes and Communities Agency, which has responsibility for new housing and regeneration.

Both agencies have been formed from the amalgamation of the Housing Corporation, which previously funded social housing projects, and English Partnerships, the national regeneration agency.