For-profit provider backed by social impact fund appoints Richard McCarthy as chair

A for-profit provider of social housing has appointed sector heavyweight Richard McCarthy as chair.

FAHHA, a subsidiary of FUnding Affordable Homes (FAH), has announced the appointment of McCarthy whose previous roles include director general of neighbourhoods at the Department for Communities and Local Govenment (now known as DLUHC), chair of the National Housing Federation and chair of Peabody.

McCarthy, who has been a board member since 2015 and previously served as vice chair, succeeds Keith Jenkins as chair of the FAHHA board. Jenkins held the position since 2015.

Funding Affordable Homes (FAH) is a subsidiary of Edmond de Rothschild real estate investment management (REIM), a Geneva-based asset management firm. FAH descirbes itself as “a social impact company which builds and acquires affordable housing to deliver financial and social returns for both communities and investors.”

McCarthy has extensive experience in the housing sector. His most recent role is as chair of the Jersey government-owned housing provider Andium Homes.

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Previously, McCarthy was the executive director of the property and infrastructure division at Capita, where he led the central government and housing division.

He also served as the director general of neighbourhoods at the Department for Communities and Local Government, overseeing housing and planning policy in England and playing a key role in establishing the Homes and Communities Agency, now known as the Regulator of Social Housing and Homes England.

From 1999 to 2003, McCarthy was the chief executive of Peabody Trust and chaired the National Housing Federation from 2000 to 2003. In recognition of his contributions to housing and planning, he was appointed a CBE in 2009.

On his appointment, McCarthy said: “With thanks to Keith Jenkins for his excellent stewardship of the FAHHA Board, I am delighted to now step into the role of chair of FAHHA. I look forward to working with EdR to take the affordable housing strategy through its next phase of growth, delivering high-quality, efficient affordable homes that are urgently required across the country”.

DJ Dhananjai and Karen Cooksley have been appointed as board members, to add to the legal, and investment and finance skills of the Funding Affordable Homes board.

DJ Dhananjai is the newly appointed chief investment officer of Edmond de Rothschild REIM (UK) and Karen Cooksley has more than 30 years’ experience as a planning and housing lawyer.

Dhananjai leads Edmond de Rothschild REIM business in the UK, which has strategies in the residential sectors, including affordable housing and build-to-rent.

In addition, he is part of REIM’s European leadership team with a remit to service investors seeking exposure to impact investments, income strategies across the UK living sectors, including affordable housing, build-to-rent (BTR), student accommodation, co-living and senior living, and value-add opportunities.

The appointments to the FAHHA board come after Knight Frank published a recent report estimating that institutional investors and for-profit registered providers will triple their portfolios to own more than 86,000 affordable homes by 2028.