The Covid-19 pandemic has impacted the Housing Board’s bottom line by reducing the amount of red ink on its balance sheet in the latest financial year.
Its deficit fell to $2.34 billion for the 12 months to March 31 from $2.66 billion in the previous year.
This was because fewer units were handed over to buyers throughout the year, as construction work was hampered by the Covid-19 pandemic.
New flats are heavily subsidised by the HDB, so fewer completed flats translate to a smaller outlay.
Reduced upgrading work also helped shrink the deficit, noted the HDB’s annual report yesterday.
However, more Central Provident Fund (CPF) housing grants, rental rebates and suspension of late payment charges on mortgage arrears were given out to assist households throughout the year.
This story is from the October 15, 2021 edition of The Straits Times.
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This story is from the October 15, 2021 edition of The Straits Times.
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