Manningham Housing Association receives top grading from regulator

MANNINGHAM Housing Association has been awarded the top grading by the independent body which oversees the performance of housing associations.

Following an in-depth assessment, the Regulator of Social Housing has upgraded the housing association’s governance rating from G2 to G1.

The Bradford-based association’s financial viability rating has also been confirmed as V1, having been raised from V2 in December 2018.

The regulatory praised Manningham Housing Association (MHA) in its formal judgment published yesterday.

he report says: “Strategic objectives are clear, and we have the assurance that the Board is monitoring performance effectively.

“Compliance and risk management have been further strengthened and the Board has effective oversight of the risks associated with the delivery of its strategy.”

It adds: “Based on evidence gained from the in-depth assessment, the Regulator has the assurance that MHA’s financial plans are consistent with, and support, its financial strategy. The provider has an adequately funded business plan, sufficient security in place, and is forecast to continue to meet its financial covenants under a wide range of adverse scenarios.”

MHA’s chief executive, Lee Bloomfield, and chairman of the board, Barrington Billings
Lee Bloomfield, MHA chief executive, praised his team for their “unstinting efforts” in delivering such a positive outcome.

He said: “The regulatory judgment is testament to what can be achieved when the Board and staff work together for the benefit of our customers and the long-term future of the association. They’ve been at the forefront of all this.

“We also have a shared determination to ensure the association has a great standing in the community. MHA only exists because our customers are supportive of us. We’re here because of them.

“I am immensely proud to know that we’ve earned the confidence of the Regulator and been restored to the highest ratings possible.

“It is vital that we retain this momentum, strengthened by a properly-funded and robust business plan that supports growth and the delivery of more affordable homes in Bradford and Keighley.”

Barrington Billings, chairman of the MHA Board, said: “This is an excellent result. I commend everyone who helped us to achieve it.

“There is a wonderful togetherness at Manningham Housing Association which I feel every time I meet with Board colleagues or chat with the staff.

“Looking ahead, the coronavirus outbreak has raised challenges for all organisations, but housing associations such as MHA are particularly close to the communities we serve and will have a crucial role to play in the difficult weeks and months ahead.”