Why we are engaging with Oak Tree Housing Association Ltd (Oak Tree)
We are engaging with Oak Tree about its development plans.
Oak Tree has experienced issues with a new build development of 15 homes for social rent following the liquidation of the original contractor in 2022/23. Oak Tree has commissioned an independent investigation into the issues and is currently considering options for progressing the site.
What Oak Tree must do
Oak Tree must:
- send us the independent investigation into the issues with the site and the report to the Board on this; and
- send us monthly updates on progress with considering options for the site, including details of the funding requirement and confirmation that funding is in place.
What we will do
We will:
- review the independent investigation and engage as necessary;
- review the updates on progress with considering options for the site and engage as necessary; and
- update our published engagement plan in the light of any material change to our planned engagement with Oak Tree.
Regulatory returns
Oak Tree must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.