Why we are engaging with Osprey Housing Ltd (Osprey)
We are engaging with Osprey about its development plans.
Osprey has plans to grow through a considerable programme of new homes for social rent and will receive significant public subsidy to help achieve this. The number of affordable homes provided by Osprey will increase by around one fifth over the next five years.
What Osprey must do
Osprey must:
- send us by 30 April 2023:
- its approved business plan, the report to Board on the business plan and its risk register; and
- evidence of how it demonstrates affordability for its tenants;
- send us an update on its development programme by 31 October 2023. This will include its latest report to the governing body/appropriate committee about development and details of the scale and tenure mix, timescales for delivery and any material delays or changes to the programme; and
- tell us if there are any material adverse changes to its development plans which might affect its financial position or reputation, in line with our notifiable events guidance.
What we will do
We will:
- meet with Osprey’s senior staff to discuss the business plan and risks to the organisation;
- review the development update and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with Osprey.
Regulatory returns
Osprey must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.