We are delighted to announce that following our recent in-depth assessment by the Regulator of Social Housing, we have been awarded a V1 Viability grade and a G1 Governance grade.
Our return to a V1 grade, followed a stability review in 2022 by the Regulator, where we were temporarily regraded from V1 to V2, with the Governance rating remaining at G1.
The Regulator of Social Housing stated that: “Local Space continues to invest in its homes and has secured new finance. This provides greater certainty and a fully funded business plan with sufficient security to support its borrowing”.
Josie Parsons, Local Space’s Chief Executive, said: “We were always confident that we would return to a V1 grading rapidly and that it was a short-term issue, due to the wider challenging economic climate”.
We have a solid business plan in place and can continue our vital work in helping homeless people in East London, and work with our partner organisations to deliver solutions to bring forward much needed long-term settled accommodation.”
Local Space also holds an AA- Standards & Poors Global credit rating for the seventh year in a row and are the only UK Housing Association to achieve this rating.