Details of Bermuda Housing Corporation's finances were revealed when Government tabled its financial statements for 2006-2007 in the House of Assembly.

Auditor General Larry Dennis gave a clean bill of health to the Corporation, which provides homes to the needy, for the fourth year in a row when he signed off on the audit last June.

The statement lists the BHC's assets as $77.8 million in 2006 and $80.4 million in 2007. The excesses of revenues over expenses were $1.4 million in 2006 and $50.2 million in 2007.

Speaking during a press conference about the financial statement in November, before it was formally tabled in the House on Friday, Housing Minister Senator David Burch declared the BHC was in a good position to fulfil its pledge to increase the number of affordable homes on the Island.

Sen. Burch said BHC, which was rocked by a corruption scandal in the early part in the century, has now made "significant strides financially" as a result of efforts of Government and the BHC board and staff.

"The year has been one of financial reorganisation to improve financial strength," said the Minister.

Funds were spent on capital housing projects including those at Spring Hill Apartments in Warwick ($1.5 million) Anchorage Villas in St. George's ($1.2 million) and Butterfield Lane apartment complex in Sandys ($871,639).

Sen. Burch said in November that the excess of revenues over expenditure for 2007 was $50.2 million mainly as the result of Government forgiving a $49.5 million long-term loan.

"This debt forgiveness is recorded as a one-time Government grant on the statement of revenues and expenses," he said. "The forgiveness of this loan has significantly improved the financial strength of the BHC by removing any liquidity issues."

The loan write-off came under fire when it was first announced in the 2006 Budget, with then-Shadow Finance Minister Patricia Gordon-Pamplin describing it as "extraordinary".