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Impact Housing Association explores new partnerships

Following the publication of the Homes and Communities Agency (HCA) Regulatory Judgment at the end of May, Impact Housing Association (Impact) has put in place a plan to make £1.3milion savings. The Board has also concluded that their long-term future would be best secured by forming a partnership with a financially stronger housing association.

Since the regulatory judgement, Impact has improved its position with a strengthened Board and Executive team. The three new board members bring significant financial, regulatory and housing management experience. These appointments have increased the regulator’s confidence in the Board and helped Impact make the essential immediate changes needed to make the savings.

Impact is restructuring the organisation, has undertaken a thorough strategic assessment of risks and completed a comprehensive forensic financial analysis – all of which have provided a fuller understanding of their current state of health. The forensic financial analysis highlights that Impact’s financial capacity is marginal and not sufficiently robust to accommodate multiple risks should they materialise together. The Board  has now concluded that it is in the best interest of the organisation and their tenants to seek a stronger financial partner.

The Impact Board, in agreement with the HCA Regulator, has submitted a proposal in the form of a Voluntary Undertaking to select an appropriate partner by the end of December.

Chair of Impact Housing Association, Mark Costello said “We will be speaking to a number of housing associations, but as discussions and negotiations are at a very early stage we are not able to say more just yet.

“We can confirm that to protect the business, the Board and the Executive Management Team are continuing to oversee a series of vital efficiencies to improve our short term financial viability. These including implementing an organisational restructure where several posts are under review, including unfilled posts frozen since June. We are currently in consultation with staff and exploring voluntary redundancies.”

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