Managing Surplus & Deficit
For most developments administered by BC Housing, except those
built under HOMES BC non-profit and co-operative operating
agreements, we may make up a deficit or request repayment of a
surplus.
1) Rent Subsidy Reconciliation
Operating surpluses and deficits differ from rent subsidy overpayments and underpayments. If the annual financial statement review for tenant rent contributions and non-Rent-Geared-to-Income rents/housing charges shows the amount of rent subsidy or repayable assistance has been underpaid, BC Housing will make up this difference. And if the rent subsidy/repayable assistance has been overpaid, your organization returns this amount to us.
Operating surpluses and deficits differ from rent subsidy overpayments and underpayments. If the annual financial statement review for tenant rent contributions and non-Rent-Geared-to-Income rents/housing charges shows the amount of rent subsidy or repayable assistance has been underpaid, BC Housing will make up this difference. And if the rent subsidy/repayable assistance has been overpaid, your organization returns this amount to us.
2) Operating Surplus or Deficit
For these HOMES BC developments, you manage any surplus or deficit in your operating budget. The maximum rent/housing charge subsidy and repayable assistance we pay for any given fiscal year is the difference between the economic rents and the amount you should collect from tenants and members for rent.
For these HOMES BC developments, you manage any surplus or deficit in your operating budget. The maximum rent/housing charge subsidy and repayable assistance we pay for any given fiscal year is the difference between the economic rents and the amount you should collect from tenants and members for rent.
Click
here
for more information on Operating Deficit
Click
here
for more information on Operating Surplus