Deposit Protection opens up for Housing Associations

Press release: 21/11/2011

The not for profit Tenancy Deposit Scheme is developing stronger links with the social housing sector and encouraging Housing Associations to join the scheme through a membership tailored to their needs.

With several Housing Associations already in the Scheme and the growing popularity of intermediate renting and market renting in the sector, TDS introduced the new membership category at a National Housing Federation Conference in London last week for the Intermediate market. 

Under the Housing Act 2004 all landlords (including housing associations) who offer assured shortholds and take tenancy deposits have to protect the deposits with one of the government approved tenancy deposit protection providers.  This ensures that the tenancy deposits is protected and also offers a free dispute resolution service in the event of a dispute between the tenant and the landlord about the return of the deposit at the end of the tenancy.
 “We recognise that Housing Associations have specific needs and problems,” said Ben Beadle, Head of Membership for the Tenancy Deposit Scheme. “Our specially tailored deposit protection enables us to arrange highly competitive terms with Housing Associations on a one-to-one basis.”

The Tenancy Deposit Scheme is an insured scheme.  This gives Housing Association members a streamlined deposit protection service where they keep control of the deposits. The Scheme only requires that the deposit is paid over to it when there is a dispute about the deposit and it then provides Alternative Dispute Resolution free of charge.  For housing associations this means that they can retain the deposit in their accounts but ensure that they meet the legal requirements for protection.

Said Steve Harriott, Chief Executive of the Tenancy Deposit Scheme, “Coming from the social housing sector, I have been able to develop a cost effective tenancy deposit protection scheme for Housing Associations.  Like all associations we too operate on a not for profit basis and most of our members are regulated lettings agents through ARLA, NAEA, RICs and NALS.  Over recent months we have seen an increase in the number of housing associations joining us and this is what has prompted our special membership scheme.  TDS offers a streamlined approach to deposit protection.

Details of mandatory deposit protection for Housing Associations are available on 01442 218031 or member.relations@tenancydepositscheme.com

21st November 2011

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