The drive to deliver much needed affordable homes and safeguard higher housing standards for 8 million social housing tenants took a massive step forward today as the new Homes and Communities Agency (HCA) and Tenant Services Authority (TSA) were officially launched by Housing Minister Margaret Beckett.

From today the HCA will now be the single delivery body responsible for regenerating communities and delivering affordable homes. The TSA is now also the new watchdog for social tenants.

Top of the agenda for the two agencies will be taking forward the Government's plans to respond to current economic difficulties. The way land is purchased, investment obtained and unsold stock is converted into social housing are just some of the areas being looked at to ensure affordable homes continue to be delivered in these tough times.

Tenants' homes will be protected by the Tenant Services Authority (TSA), which will monitor the viability of Registered Social Landlords that find themselves financially exposed by the economic downturn. The agency is also meeting tenants face to face next year to find out the standards they expect of their homes.

Housing Minister Margaret Beckett said:

"The Home and Communities Agency will be crucial in delivering the new homes and regeneration projects we have pledged. It has a vital role to play in supporting communities and industry in the current economic climate, and will bring together land, money and skills to build more homes and regenerate communities into one single body for the first time.

"The Tenant Services Authority will give millions of social tenants more say in the provision of their housing, ensuring they get a fairer deal, and making sure action is taken to improve homes and estates."

The HCA will play a key role in maintaining the delivery of the affordable homes needed and ensure partners are in a position to make the most of new opportunities when an economic upturn comes.

To achieve this, the Government is exploring a number of options with both agencies to ensure delivery stays on track and tenants have greater security, including:

• Exploring new types of land purchase. This would include the HCA taking greater stakes in both land and housing developments through equity investments, and joint ventures.
• Changing the housing mix of developments to include a greater proportion of rent to buy properties. Rent to buy allows people to rent a home at a subsidised rate before deciding whether to purchase the property.
• Converting unsold housing stock into social housing or rent to buy in return for House Associations continuing work on schemes that have been mothballed.
• Supporting vulnerable organisations exposed to current economic conditions to protect tenants' homes.

Homes and Communities Chief Executive Sir Bob Kerslake said:

"Now is the time to take strong, decisive action to maintain delivery in housing and regeneration. The creation of the HCA four months ahead of schedule enables us to hit the ground running in response to the challenges presented by the credit crunch.

"We have outlined our approach and enlisted the support of our public and private sector partners. Together we will explore flexible, tailored solutions that will keep the industry on track and bring benefits to people and places in the long term."

Tenant Services Authority Chief Executive Peter Marsh said:

"Housing matters - and access to good quality housing changes lives. The Tenant Services Authority exists to raise the standard of services for all tenants and prospective tenants of affordable housing across the country.

"During this time of economic turmoil, when demand for affordable housing is set to rise, it is even more important that existing tenants and prospective tenants have a modern, consumer-centred watchdog in place with their interests at its heart."