News that businessman Clifford Schorer has backed out of investing in the Bermuda Homes for People project is untrue, Board member Aideen Ratteray Pryse said last night.

ZBM News ran a story last night saying Mr. Schorer had decided not to invest in the the project due to a conflict of interest, although he said he would continue to be involved.

But Ms Ratteray Pryse said Mr. Schorer had never been an investor with Bermuda Homes for People, she said. Though at the start of the project he did consider investing, for the sake of clarity, both he and the board decided against it.

In fact, the genesis of the idea behind the organisation belongs to Mr. Schorer, she said.

Mr. Schorer is currently working on a similar economic model on the US island of Nantucket. There are ?striking similarities? between the affordable housing situations on Nantucket and in Bermuda, she explained.

Bermuda Homes for People intends to finance, through investors (possibly international companies) and a bank loan, affordable housing in Bermuda. The method is to use market-priced housing to enable the organisation to provide affordable housing for a fixed price ? as Mr. Schorer is doing in Nantucket, Ms Ratteray Pryse explained.

?It appears he was asked if he was in charge, and he said no,? Ms Ratteray Pryse said in reference to last night?s newscast.

Instead, Mr. Schorer continues to work on the executive side of the project.

Ms Ratteray Pryse explained Bermuda Homes for People has been set up as a non-profit entity.

A company will be created under the organisation as the development company building the project, with a development team being put together in place of a general contractor, she said.

Mr. Schorer will be part of that team, reporting to the board of directors.

Currently, ?he is providing a very important role in providing funds for out-of-pocket expenses to enable the project to move ahead in advance of getting all the financing in place,? she said. was unable to contact Mr. Schorer yesterday.

The first information session for Bermudians interested in purchasing affordable homes at the Bermuda Homes for People development at Southside, called Harbourside Village, will take place this evening in Heritage Hall from 6-8 p.m.