The low-income revolving loan facility for which the Central Housing and Planning Authority (CHPA) received a $2 billion subvention from the government in 2010 has not been touched and earned $80 million in interest up to the end of last year.
This is according to the audited financial statement of the CHPA for 2011, which was presented to the National Assembly on Thursday.
The report said that last year, the CHPA saw income of $7.4 billion with expenditure being $7.1 billion leaving a surplus of $275 million.
The CHPA raked in $2 billion from the sale of land, almost $200 million from bank interest, $33 million from transport processing fees and also received a subsidy of $150 million from the Ministry of Finance, among other sources of income.
In terms of expenditure, last year $783 million was spent on housing fund projects while $700 million was spent on government housing projects. In addition $1.5 billion was expended on urban/miscellaneous roads projects; $1.1 billion was spent on the Eccles/Providence development while $1.5 billion was spent on the purchase of land. Among the other major expenditure, $498 million was spent on the upgrading of roads in existing schemes, $361 million was spent on existing housing schemes, $191 million was spent on low income houses and $188 million for employment costs.
Up to the end of 2011, the report said, total assets of the CHPA amounted to $16.6 billion.
Auditor General, Deodat Sharma, said in the report that in his opinion the financial statement presents fairly in all material respects, the financial position of the CHPA as of December 31, 2011 and the results of its operation and cash flows for the year ended in accordance with International Financial Reporting Standards.
