| Key people | Charles Gurassa, Chair Neil Hadden, CEO |
|---|---|
| Focus | Social housing |
| Revenue | £276 million (2011)[1] |
| Employees | over 1,500[1] |
| Website | www.genesisha.org.uk |
Genesis Housing Association, known until May 2011 as Genesis Housing Group Ltd, is one of the largest housing associations in London. It was formed through the amalgamation of PCHA, Pathmeads and Springboard housing associations.[2][3]
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Genesis Housing Association manages more than 40,000 homes across London and the south east, providing services to tens of thousands of people. It was formed by a merger in May 2011 of PCHA, Pathmeads and Springboard housing associations. They had for some years been managed as a corporate group, Genesis Housing Group. The group also includes Genesis Community, a charitable foundation, and Genesishomes which provides shared ownership properties.[4]
PCHA was founded over 40 years earlier as Paddington Churches Housing Association, and managed more than 11,500 homes.[5]
Pathmeads was formed in 2001 as a rescue vehicle for West Hampstead Housing Association, which had overextended its temporary housing operation.[6][7] In 2011 it had over 21,000 managed homes.[5]
Springboard provided management services to around 5,000 homes and another rescued association, St Matthew Housing.[7] Eastwards Trust was also a subsidiary of Springboard.[5]
Neil Hadden was appointed as Chief Executive in 2009. He succeeded Mr Anu Vedi CBE, who had led the group for ten years, through its growth from 10,000 to over 38,000 homes.[8]
The current Chairman of the Board of Trustees is Charles Gurassa, who previously chaired and held senior management roles at various commercial organisations.[1] He replaced Adrian Bell in 2010.[9]
As of 2011[update], stock owned and managed totals 40,675. The social housing stock of 34,453 homes includes 2,228 units suitable for wheelchair users and 3,076 sheltered units. The group also owns 3,690 home ownership units and non-social housing stock of 2,532.[10]
Genesis owns a 3.4 hectares (8.4 acres) site in Chelmsford, Essex, formerly the Central Campus of Anglia Ruskin University. The group purchased it from Countryside Properties in 2007.[11] The developer had obtained planning permission for 700 homes in 2003. Genesis prepared a revised plan in 2011 for about 600 homes, along with new shops and offices. Some of the old buildings are to be retained including Anne Knight House, the 1823 listed former Quaker meeting house.[12][13]
Genesis is working with Hackney Borough Council on the redevelopment of Woodberry Down, one of the largest urban regeneration projects in the UK.[14]
From 2005 to 2007, Genesis spent £200 million on its land bank for new developments. As the late-2000s financial crisis developed, Genesis wrote off around £6 million from asset values in its balance sheet each year from 2008 to 2010, but in 2011 this entry in its accounts increased to £20 million – a third of the total impairment booked by all housing associations in the year.[15]
Genesis strengthened its financial position by raising its first own-name bond issue for £200 million in 2010.[16] It rationalised its asset holdings, selling its 40% interest in a portfolio of 1,650 properties in central London to Grainger plc for £15m in 2011.[17]
Genesis won the top prize for social housing at the Daily Telegraph British Homes Awards 2011 for the first phase of new homes at Woodberry Downs.[14]
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