5.1 WHO ARE THCH?

Tower Hamlets Community Housing Limited (THCH) is a not-for-profit, Registered Social Landlord (Housing Association) and a Registered Charity. The Lon Borough of Tower Hamlets set up THCH in 1999 in partnership with local residents and the wider community in general, in order to transfer 1552 Council homes to its ownership in March 2000. Transferring these 1552 homes enabled THCH to receive £21 million in Estate Renewal Challenge Fund Grant from the Government. This was a scheme to provide extra funding for estates which had major repair problems. THCH raised an additional £35 million of which £25 million is a mortgage from the Abbey National, to regenerate the estates included within its portfolio.

Housing Associations are independent not-for-profit organisations that provide homes for people in housing need. Housing Associations are the country's major provider of affordable new homes for rent. THCH already provides high quality homes and housing services to the people who live on Estates in Shadwell & Wapping, Bethnal Green and Spitalfields.

The name Tower Hamlets Community Housing was carefully chosen. The name incorporates Tower Hamlets in order to emphasise THCH 's links with Tower Hamlets. It also incorporates the word "community" to emphasise the importance places on its links with the community. To underline this commitment, One third of THCH's 18 Board Members are residents (5 tenants, 1 leaseholder) and the current Chair is a tenant. A further third of the THCH Board are Tower Hamlets Council Nominees (NB the final third are independent members). The policies of THCH with regard to rents and tenant rights, are very similar to those of the Council in order to protect tenants who have already transferred and new tenants in future.

THCH is accountable to residents and will enable you to make decisions at a local level about what services will be provided to Mansford Estate and how these services will be provided to the estate.

THCH aims to eventually increase the number of homes it owns and manages around 5,000 homes in Tower Hamlets, through a mixture of stock transfer and new build. They believe this to be the optimum size for delivering an efficient service while maintaining close links with the local community. All surplus money generated by THCH is used to fund the provision of new homes, maintain existing ones and fund other housing and community related activity. If the transfer goes ahead THCH will own the transferred properties and remaining Council land attached to the Mansford Estate and will become the landlord of the tenants and leaseholders, instead of the Council.

THCH is a not-for-profit organisation which means that all of its income is spent on the housing and community services, providing new homes, and repaying loans. There would be no question of any "profits" being shared out between members of THCH. All surpluses are recycled back into the association and every penny has to be properly accounted for.

Very strict rules apply to registered social landlords. For example:

• THCH can only do certain things, as set out in its rules, such as provide quality homes at affordable rents;
• THCH must comply with the Housing Corporation's Regulatory Code and Guidance which sets out the expectations of Registered Social Landlords. These expectations are designed to make sure that the RSL is viable, properly managed and properly governed. The Housing Corporation assesses compliance with the Regulatory Code and Guidance and if compliance is not achieved it has very wide powers to intervene;
• THCH's constitution prohibits payment of anything other than out-of-pocket expenses actually incurred in carrying out THCH's business, to board members and any change would require the Housing Corporation's consent.

Tower Hamlets Community Housing (THCH) is a not-for-profit, Registered Social Landlord (Housing Association) and a Registered Charity that the Lon Borough of Tower Hamlets set up in partnership with local residents and the wider community in general, to transfer 1552 Council homes to its ownership. Transferring these 1552 homes enabled THCH to receive £21 million in Estate Renewal Challenge Fund Grant. (This was a scheme to provide extra funding for estates which had major repair problems) THCH raised an additional £35 million of which £25 million is a mortgage from the Abbey National, to regenerate the estates included within THCH's portfolio.

The name Tower Hamlets Community Housing was carefully chosen. The name incorporates Tower Hamlets in order to emphasise THCH´s links with Tower Hamlets. It also incorporates the word "community" to emphasise the importance THCH places on its links with the community. To underline this commitment, THCH has one third of its board who are residents (5 tenants, 1 leaseholder) and the current Chair is a tenant. One third of the THCH Board are Tower Hamlets Council Nominees. The policies of THCH are very similar to those of the Council in order to protect tenants who have already transferred and new tenants in future.

 

• what services will be provided to Mansford Estate
• how these services will be provided to Mansford Estate

THCH expects to own and manage around 5,000 homes in Tower Hamlets. All surplus money generated by THCH is used to fund the provision of new homes, maintain existing ones and fund other housing and community related activity. If the transfer goes ahead THCH will own the transferred properties and remaining Council land attached to the Mansford Estate and will be the landlord of the tenants and leaseholders.

THCH is a not for profit organisation which means that all of its income is spent on the housing and community services, providing new homes, and repaying loans. There would be no question of any "profits" being shared out between members of THCH. All surpluses are recycled back into the association and every penny would have to be properly accounted for.

Very strict rules apply to registered social landlords: for example THCH:

• can only do certain things, as set out in its rules, such as provide quality homes at affordable rents;
• must comply with the Housing Corporation's Regulatory Code and Guidance which sets out the expectations of Registered Social Landlords. These expectations are designed to make sure that the RSL is viable, properly managed and properly governed. The Housing Corporation assesses compliance with the Regulatory Code and Guidance and if compliance is not achieved it has very wide powers to intervene;
• at present, its board members can claim out of pocket expenses actually incurred in carrying out THCH's business;

THCH's constitution prohibits payment of anything other than out-of-pocket expenses to board members and any change would require the Housing Corporation's consent.