The Bermuda Housing Corporation has canvassed local lending institutions for cash in their housing initiatives.

Yesterday BHC General Manager Vance Campbell said BHC was "actively considering proposals from the private financial sector".

Although he could not say which local companies had been approached by BHC, he hinted "there are only so many lending financial institutions on the Island".

He could not say what sums of money were being sought, but said the Board at BHC was considering "financial proposals" from these private companies.

At the budget speech in February, Finance Minister Paula Cox revealed the Bermuda Housing Corporation (BHC) was going to canvass the private sector for funds, adding that BHC's "significantly improved... governance and transparency" put BHC in a good position to "seek financing in local capital markets for its housing initiatives".

Ms Cox also said that the Bank of Bermuda ? HSBC Group was going to help with the cost of emergency homes by pledging $1 million.

"This sum will be placed in the general reserve fund and earmarked for this purpose," Ms Cox said in February.

However, the Bank of Bermuda's chief executive Philip Butterfield said yesterday the Bank had not yet been contacted by Government for the money.

"That was the commitment we made," Mr. Butterfield said yesterday. "It still stands. We have not had any recent conversations with Government on this regard but I am sure at the appropriate time we will discuss it to effect the discussions we had in February."

Ms Cox also said the Ministry of Works and Engineering had plans for the "construction and/or assembly of emergency housing units."