Affinity Housing: SPV Management
Affinity Housing is responsible for c1300 residential units in North Whitley, Reading across houses and medium rise blocks. Vercity has provided management services since 2006.
- Abri Group
- Southern Housing
- Reading Borough Council
Original Project Value
The project commenced in 2004 with the adoption and refurbishment of local authority housing stock. Services provided include housing management, estate management (including communal areas and alleyways), maintenance and lifecycle services.
Delivering this draws on a broad skill base. The project interfaces with residents on day to day issues with their properties and their tenancies. The Vercity team provides the hub of the communication flow between the different project stakeholders including the Council housing team, maintenance supply chain, dedicated housing management team, equity investors and debt lenders.
“Vercity have provided strong project management services on the Affinity project, building a strong understanding from the outset regarding the project outcomes for all stakeholders. The project has progressed throughout the timeline in accordance with our expectations, and the management team continue to deliver in line with the agreements”
Mark Spridgeon, Director of Finance, Abri
Proactive Financial Management
With the submission of contractual reports and forecasts at the appropriate time the contractual standard, Vercity’s proactive approach to communication ensures that the lenders have confidence in this information and are kept advised of project developments ensures that the relationship is positive and productive.
With an intelligent approach to key expenditure areas including programming the replacement programme for kitchens and bathrooms Vercity ensures astute financial management while complying with the requirements of the contract and the regulatory environment, including the Decent Homes Standard and the Homes (Fitness for Human Habitation) Act 2018. This approach has delivered the expected returns to investors while achieving tenant satisfaction scores of 92% for homes being well maintained and 93% for homes being safe.
Social Housing Expertise
The compliance of housing services is critical to project success and tenant satisfaction. Vercity’s in-depth knowledge ensures that informed conversations can be held with the housing manager and the Council housing team about the management of tenancies and the enforcement of conditions. Management of voids and recovery of arrears to maximise Council income is a focus area, and by working in partnership with the contract parties to ensure these areas are prioritised while remaining sensitive to the needs of the tenants.
Vercity work closely with the maintenance contractor (Wates) and the housing manager (a joint venture between Abri and Southern Housing) particularly where there are points of interface around void management and tenancy changes, arrears limitation and recovery, addressing vandalism and anti-social behaviour and ensuring access for statutory gas and electrical inspections.
Understanding the regulatory environment of social housing is another key area for Vercity’s continued success on the project. Delivered by the Vercity compliance team the Risk Based Monitoring (“RBM”) tool ensures that any delay in gas safety or electrical testing is rapidly identified and escalated. The RBM functionality also ensures compliance for communal areas and overarching responsibilities including asbestos, lifts, emergency lighting and fire doors. Armed with this information the Vercity team can provide assurance to all stakeholders that compliance is being ensured.
The project continues to create a positive impact for the local community, providing thousands of people with homes, while maintaining investor returns.
Find out more
- Social HousingOur expertise in the social housing sector ranges from supply chain management and contract compliance, through to governance and handback strategy.
- Special Purpose Vehicle ManagementWith today’s increasingly stringent regulations, you need an SPV management company that can provide efficient governance, increased oversight and transparent reporting.
- Route to ValueVercity’s experts build a shared vision of success and how to realise it.