Former Peabody boss named chair of for-profit backed by investment giant

Mr McCarthy said: “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.” 

FAHHA’s business model is to own affordable homes but outsource the management to local registered providers, according to its last filed accounts at Companies House. It registered with the regulator as a for-profit in 2016.

During his career, Mr McCarthy was also chair of the National Housing Federation and a former director at the Department for Communities and Local Government, a precursor to the Department for Levelling Up, Housing and Communities.

He also worked for outsourcing firm Capita for eight years and is currently chair of Jersey-based, government-owned social housing provider Andium Homes. 

FAHHA announced that it has also added DJ Dhananjai, the newly appointed chief investment officer of EdR REIM (UK), and planning lawyer Karen Cooksley to its board. 

Mr Dhananjai leads EdR REIM’s business in the UK, which operates in the affordable housing and build-to-rent sectors. 

Ms Cooksley previously spent nearly 11 years at law firm Winckworth Sherwood as its head of planning and is also a specialist in reputational risk management, social value and governance. 

In its last reported full year to the end of June 2023, FAHHA’s surplus fell a fifth to £519,469 as its turnover slid to £6.4m. It reported an overall operating margin of 26 per cent, according to accounts at Companies House. 

Last week, the British Property Federation (BPF) launched a new code of governance for for-profits, which the body said was partly to protect the reputation of the fledgling sub-sector.