A for-profit provider of affordable housing backed by asset management giant Blackrock has breached a regulatory standard.

Heylo Housing was found to be non-compliant for both governance and financial viability in a judgement published by the Regulator of Social Housing (RSH) yesterday.

Following its first ever in-depth assessment of a for-profit provider, the RSH awarded 5,000-home Heylo Housing a score of ‘G3’ and ‘V3’ for governance and viability respectively. This means Heylo does not comply with the RSH governance and financial viability standard and must work with the regulator to improve.