A housing association is a nonprofit profit making organization that owns, rents and manages the rental property with the aim of assisting the less privileged in the society have a decent place to call home at a subsidized rate. Any surplus money that is generated is therefore channeled back to the maintenance of the property. Although most are owned by private individuals, they often receive funding from the government or donors.
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The History of housing associations.
In reference to the united kingdom hosing associations came into existence in the mid 19th century attributed to the growth in voluntary and philanthropic non profit making organizations during the start of the industrial revolution although their significant growth and growth was seen during the 1960s and 1970s, due to the increase in the need for humanitarian and social inclusion.
Their importance was seen during Margaret Thatcher’s time as the prime minister when she introduced a series of changes to the council housing. The changes made between 1985 and 1988 made it possible for councils to transfer their housing schemes to nonprofit making charity organizations
Most are comprised of paid staff and volunteers who mainly sit at the management levels which may be picked from the residents and community groups
The basic principle is that housing associations funding should be generated from the rental income that the premises generate, Registered social landlords are some form of the technical name used to address housing associations ,they are categorized asprivate entities that are not owned, neither are they run by the state, however they are still affected by public regulations in matters related to procurement
Housing associations were developed for everybody with the aim of making housing affordable for everybody, but recently they are viewed as a means to enable low-income earners to have a decent home, However, due to the increasing prices of houses especially in large and developed cities the young people could actually benefit from housing schemes as they are quite affordable.
since their introduction in the united kingdom most of the supported housing schemes provide services to a certain target population, they operate as charity organizations and often support the less privileged such as the elderly and the homeless people this is often regarded as supported accommodation providing ”extra” services such as a feeding program and therapy.
These associations vary in terms of the services provided and generally provide rental services at an affordable rate which is dependent on the location, the main advantage of housing schemes is that the rent is usually subsidized to below the average market prices ,they also provide individuals who want to own a home but don’t have the financial muscle to purchase independently in the sense that they provide them with a shared ownership scheme.
The chances of getting a dodgy deal are meager since you are dealing with a largely independent and audited organization with a common good of providing ideal living space for everyone, unlike individual landlords whom their main target is getting profits.