Deficit falls to $2.34b amid pandemic

The Housing Board's deficit fell in the latest financial year. Its deficit stands at $2.34 billion for the 12 months to March 31, from $2.66 billion the previous year. This was because fewer units were handed over to buyers, as construction work was hampered by the 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, the HDB's annual report noted yesterday.

However, more Central Provident Fund housing grants, rental rebates and suspension of late payment charges on mortgage arrears were given out to assist households throughout the year.