The new Homes and Communities Agency (HCA) and Tenant Services Authority (TSA) were officially launched by Housing Minister Margaret Beckett.
The HCA will play a key role in maintaining the delivery of affordable homes and ensure partners are in a position to make the most of new opportunities when an economic upturn comes.
The TSA is the new watchdog for social tenants. It will monitor the viability of registered social landlords that find themselves financially exposed by the economic downturn. The Agency will also be meeting tenants to find out the standards they expect of their homes.
The Government is evaluating of options with both agencies to ensure delivery of affordable homes stays on track and tenants have greater security, including:
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."