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Civitas Social Housing PLC on Tuesday said its new regulatory clause has been agreed.
The social housing investor announced in May a new regulatory clause which is intended to assist housing associations to be better positioned to achieve regulatory compliance under the Regulator of Social Housing's Governance and Financial Viability Standard.
On Tuesday, Civitas said the clause has received approval from the boards of two housing associations and it can now be introduced to several specimen leases.
The clause remains subject to approval by the company's lenders and now that a settled form of the clause has been agreed, this process will be begin, it added.
‘We are pleased to have reached agreement with the boards of several of our housing association partners for the terms of the new clause. We share the same objective of regulatory compliance and continue to make an active contribution in this regard. We consider the clause will be of benefit to the company's stakeholders and to the sector overall.’
Shares in Civitas were up 1.1% to 74.90 pence each in London on Tuesday morning.
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