Ferguslie Park Housing Association freezes rents for next financial year
Ferguslie Park Housing Association will keep rents at their present level during the next financial year.
The board of Ferguslie Park Housing Association (FPHA) has decided to retain rents at their present levels for 2021/22. The decision comes on the back of a 1% increase in the previous year and is part of the association’s commitments to keeping rents affordable but maintaining a financially secure long-term business plan.
FPHA Chief Executive Catrina Miller said: “The board and management team have closely examined our business plan. We have modelled the impact of absorbing the freeze but also maintaining our future investment plans and are confident that this is the right decision to take.”
The association said it had originally considered an increase linked to CPI. However, the association added that this increase has been deferred due to better performance on income generation and improvements on one off and recurring costs, saying that the decision is “both prudent and supportive of the community in Ferguslie Park”.
Chair of FPHA Ian Williams said: “This decision is based on the business need and the need to support our tenants. Through the pandemic, the association, and its subsidiary, The Tannahill Centre, has adapted services brilliantly to support our community. We believe this decision cements that work, and we hope that it continues to help local people deal with the financial impact from the pandemic.”
In a communication to tenants on the rent freeze, the association also took the opportunity to outline its aim to invest £1.5 million in upgrades to its housing stock in the year ahead. The association also recently unveiled aspirations in relation to development of a key site close to the association’s base in the Tannahill Centre.