The new quangos have been set up to drive forward and regulate the social housing sector, which currently boasts eight million tenants.
Top of the agenda for the two agencies will be taking forward the government's plans to respond to current economic crisis.
The HCA is looking at whether improvements can be made to the way land is purchased, investment obtained and unsold stock is converted into social housing in order to optimise delivery.
New types of land purchase could include the HCA taking greater stakes in both land and housing developments through equity investments, and joint ventures.
Housing Minister Margaret Beckett said: “The HCA will be crucial in delivering the new homes and regeneration projects we have pledged.
“The TSA 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.”