Susan Hickey, former chief financial officer of Peabody, will join the board of the new company established to oversee the next Affordable Homes Guarantee Scheme.
Saltaire’s board will be responsible for overseeing the successful delivery of the scheme and for upholding governance standards. Meanwhile, as investment manager, ARA Venn will run the new £3bn scheme including originating, underwriting and managing the loans, and setting up a government guaranteed bond programme to fund them.
The appointment to Saltaire marks the latest non-executive addition to Ms Hickey’s portfolio, after leaving Peabody in January 2020 after 10 years as finance chief.
Last year, she became chair of the new Sustainability Reporting Standard for Social Housing, which launched in November following a consultation by a cross-sector working group. This adds to non-executive positions at property industry charity Land Aid and international development organisation VSO International.
Commenting on her appointment, Ms Hickey said: “I am very pleased to play a part in the vital role of financing the increased supply of new affordable homes in England.”
Richard Green, partner and portfolio manager of the scheme at ARA Venn, said: “We are delighted to welcome Susan to the board of Saltaire Housing.
“Her proven leadership experience and track record in risk management will be invaluable in supporting the successful delivery of the Affordable Homes Guarantee Scheme.”
The loan scheme, which is open to both not-for-profit and for-profit registered providers, will offer loans to finance social rent, affordable rent and shared ownership in England.
Ara Venn, which is majority owned by Singapore-based real assets fund manager ARA Asset Management, will raise money for the scheme through bond issuance in a medium-term note programme that it is setting up.
Mr Green previously told Social Housing that there is a “real likelihood” of roadshows to Asian investors through its parent company, which he said could bring in “significant amounts of capital”.