Affordable Housing

Overview
Work
Team

Acuity has been a thought leader within the Affordable Housing sector since the 2009 financial crisis when we explored contractor finance and bond finance solutions to replace traditional funding streams.

With average house prices continuing to outstrip rises in real wages the demand for affordable housing is ever increasing but there remains a shortage of stock.  There is now a very clear appetite for investment in the sector with arrangements seen as innovative when used by Acuity ten years ago now commonplace.

Ten years on we have an established reputation in the sector with a track record of acting both on routine acquisition, development and management and complex joint venture structures drawing upon our links with allied external financial advisers/ modellers. With the growing trend for affordable housing providers to move into open market sales, often through a subsidiary entity, we can draw upon our experience of acting for the private sector too.  We see real benefit in drawing clients from across the spectrum which sets us apart from rival firms with a narrow sector focus. We are notable for our expertise in bringing the public and private sectors together, using our knowledge of both as a foundation for pragmatic and commercially sustainable transactions and relationships.

We now have within our rank’s consultant expertise with an encyclopaedic knowledge of the Housing Association scene in Wales and decades of experience in meeting housing management and litigation needs.

We are enthusiastic about our involvement in the Affordable Housing sector which we see as a key economic driver which brings about positive societal change.

Here as just a few examples of work undertaken within the sector:

  • Advising Warrington Council’s wholly-owned housing subsidiary, Incrementum, on the purchase and development of two large former school sites for the provision of affordable housing
  • Acting for the Mears Group on two ground-breaking bond raises exceeding £100 million to be applied to the acquisition and refurbishment of housing for the homeless in London and the South East trapped in temporary accommodation
  • Advising the Principality as funder of a £100 million residential-led urban regeneration project in Cardiff with the affordable elements of the scheme managed by Cadwyn Housing Association (itself a long-standing client)
  • Advising government on the acquisition of a site to create a transport hub which will unlock the development of affordable housing on the site and bring with it the regeneration of the surrounding area
  • Acting for Cadwyn Housing Association on the acquisition of a series of disused buildings in Cardiff, bringing them back into beneficial use for those on the common waiting list
  • Advising Coastal Housing Group on two homelessness projects in Swansea operated by the Wallich including the involvement of Swansea Council
  • Advising our private sector clients on a series of “package deals” with housing associations, including Section 106 sites, for the development of housing
  • Advised on the highly innovative funding arrangements for the development of 200 housing units in Cardiff and RCT funded by a leading pension institution. We believe this to be the only affordable scheme delivered in Wales entirely without public subsidy

Accolades

  • The Time’s Best Law FIrms 2020
    Acuity Law

Words from our clients

  • “The fantastic Neil Morgan is really knowledgeable on his subject area and nothing is too much trouble. He is always contactable and able to put forward the information and advise so it is easily understood.”

  • “The wonderful Neil Morgan is in a league of his own.”