With the housing market dominating the news and the credit crunch biting, it’s good to know that housing associations in Wales, which provide affordable housing, care and community regeneration services across Wales, are continuing to report sound financial performance.
Community Housing Cymru, the representative body for housing associations and community mutuals in Wales and the Welsh Assembly Government, which part funds and regulates their activities, have for the first time jointly published a summary of the 2007 financial statements of associations.
Ian Williams, Chair of Community Housing Cymru commented: "This is the first time Community Housing Cymru and the Welsh Assembly Government has published a joint report on the financial health of the Welsh housing Association Sector. The challenges faced by housing associations mean that they have to be fit for purpose, financially viable and capable of adapting to the changing needs of their tenants and the communities where they work. The financial strength of the sector means that we are able to respond to the challenges set out in the One Wales document."
Nick Bennett, Chief Executive of Community Housing Cymru said "This report sets the financial performance of the housing association sector in a wider context. Welsh Housing Associations are mature and financially robust and have the potential to continue growing. The forthcoming review of the regulatory framework for housing associations in Wales will set new and significant challenges. The not for profit Housing movement has consistently asserted that with the right regulatory environment we would be able to invest an additional £112 million in Welsh social housing and community regeneration over the next 4 years."
In the foreword Jocelyn Davies AM, Deputy Housing Minister says "The Housing Association sector in Wales has undergone a major transformation in responding to the needs of out communities by providing sustainable, affordable, good quality homes, as well as engaging in the regeneration process. The successes and financial strength of the sector evident in this report demonstrate that the sector is well equipped to meet the challenges ahead. I believe that by building on this success, opportunities will be created to achieve even more in the future."