reins over to Mr. Christopher Marshall.

Mr. Young, who served as the Corporation's chairman for four years, indicated earlier this year that he intended to step down.

He was first appointed to the Housing Corporation Board in 1981 and served as a director for seven years prior to being appointed board chairman in 1988.

"My personal opinion is that now is the time for the older crowd to move aside and let the younger team come forward,'' he said. "We've been developing a solid team for the last four years ... and I felt it was time for them to take over the reins.'' Mr. Young said he was pleased with what the Corporation had accomplished during the time he served as its chairman. Highlights included the sale of modular units -- which were once rented -- through a flexible mortgage plan and seeing the Corporation's debt reduced by $25 million.

Minister of Health and Social Services the Hon. Quinton Edness congratulated Mr. Young on his success in the position.

"Mr. Young has had a hugely successful chairmanship of the BHC,'' he said.

"His remarkable business skills, combined with real concern for the needs of the people has made his chairmanship quite exceptional. He has streamlined the organisation into one which would compare well with any public sector housing authority in its ability to provide a comprehensive service.

"Government has benefitted from his firm leadership and advice. We are also pleased to know that his skills will still be available to the Corporation, as he continues to serve as a member of the Board.'' Mr. Marshall is chairman of the Corporation's finance committee and has served as a board member since 1988. He is also executive vice-president and chief financial officer of ACE Limited, a Bermuda-based insurance company which is one of the world's leading providers of excess liability and excess directors' and officers' liability insurance.

"I've been working very closely with Ward until now,'' he said. "I don't see a lot of changes (in the immediate future). We will maintain the aim of the Corporation to make sure it provides adequate and reasonably priced housing to Bermudians.'' Mr. Ward Young.