The company running the government’s £3bn Affordable Homes Guarantee Scheme (AHGS) has appointed former housing minister Mark Prisk to chair its board.
Mark Prisk is one of two non-executive appointments to the board of Saltaire Housing, the wholly owned subsidiary of investment manager ARA Venn (picture: Chris McAndrew)
Mr Prisk is one of two non-executive appointments to the board of Saltaire Housing, the wholly owned subsidiary of investment manager ARA Venn, which Social Housing first revealed would run the AHGS.
He will join as non-executive director of the board along with Sarah Wall, former senior portfolio manager at Aviva.
Under the AHGS, loans of at least £5m will be secured against existing affordable housing assets charged to the lender. The borrower will commit to developing “approved pipeline schemes” identified from its development pipeline that will deliver new build affordable homes.
Applications to the scheme must come from registered providers of affordable housing, to support “the delivery of social rent, affordable rent and affordable homeownership, and to support new build affordable homes”.
The scheme is expected to “support the delivery” of 17,000 new homes.
Ms Wall has previously worked as the head of investment risk at the Pension Insurance Corporation and a director of credit research and debt restructuring at M&G. She has also worked at ratings agency Fitch in its social housing bonds team.
Mr Prisk became a Conservative MP in 2001 before stepping down ahead of last year’s general election. He was housing minister from 2012 to 2013 and later became a member of the Housing, Communities and Local Government Select Committee.
ARA Venn (then Venn Partners) previously led the last programme’s £3.5bn sister programme, the Private Rented Sector Guarantee Scheme, to which it has allocated around £1.25bn through its subsidiary PRS Operations.
Singapore-based ARA – which manages a mix of real estate investment funds, private real estate credit and equity funds, and infrastructure funds in 28 countries – took a majority stake in Venn in March this year.
Mr Prisk said: “In my previous role as the housing minister, I helped to establish the first Affordable Housing Guarantee Scheme because I believe it is a great way to provide cost-effective loans to build more affordable homes for people. I look forward to continue playing my part to support the sustainable development of the UK’s housing sector.”
Ms Wall added: “Having run some of the largest funders of social housing, I am committed to contributing to the development of more affordable homes for our essential workers. Now more than ever, we owe those fighting on the frontline of COVID-19 truly affordable, high-quality and comfortable homes. I am very pleased to support the scheme.”