and a £100 million
There is little sympathy or understanding for Carol Matthews (left) as her organisation faces the next four years with a £100 million loss.
The Chief Executive of Riverside Housing Association says the £100 million is a shock. It is the result of the housing storm just unleashed by the Government.
“I wish I could say that I predicted that storm but I would be fibbing,” she adds in an article in the housing weekly magazine, Inside Housing.
The government wants more home ownership and at the same time wants deep welfare cuts, partly through cutting rents of social housing.
“That’s why we are now facing the challenge of a simultaneous assault on our assets, through the extension of Right to Buy discounts, and on our revenue”, she says.
Ms Matthews` article does not reveal the size of that challenge. But the figure of £100 million was revealed at a Riverside conference at the Crown Plaza Hotel in Chester this week attended by 300 tenants and leaseholders from all over the country.
The article by Ms Matthews also fails to reveal Riverside`s other big worry, its possible loss of charitable status as a result of the Government`s housing storm.That loss would result in an additional dramatic drop in income of many more millions of pounds.
The possible loss of charitable status was another big talking point at the Crown Plaza conference.
Tenants and leaseholders showed little sympathy or understanding for the giant Riverside organisation which owns 50,000 homes and is now in fact principally a property development company, every year amassing increasing surpluses (profits) from its operations.
Tenants and leaseholders were asking: Why is a property development company given charitable status?
Tenants and leaseholders were also wanting to know how Riverside will cope with the present storm? The answer at the Crown Plaza appeared to be drastic cuts in expenditure and a much slimmed down Riverside organisation.
CarlisleTenants` and Residents` Federation says that drastic cuts should start with the costs of the Crown Plaza conference where some delegates described Riverside hospitality as lavish with an abundance of Riverside-inscribed goodies on offer, such as pens and key rings.
Expenses also were lavish at the Crown Plaza with some delegates returning home with a good profit on the day.
Amazingly, that profit in some cases was up to £200.
CarlisleTenants` and Residents` Federation publishes this blog. Information about the Federation is available on 01228 522277 or 01228 532803.