It is hoped the study will improve the corporation's services, said new chairman Mr. Christopher Marshall.

"It is imperative that the corporation recognise the need to adapt and change in order to remain focused and effective,'' he said.

His comments come in the corporation's 1993 annual report tabled in the House of Assembly on Friday.

Mr. Marshall took over as chairman from Mr. Ward Young in January.

"The only constant in life is change, and the corporation is no exception,'' Mr. Marshall wrote.

He added changes had already been introduced at board level.

These would lead to a "new committee structure and a sharper focus on policy matters, leaving operational issues in the capable hands of management''.

"As part of this exercise, all of the corporation's policies will be reviewed, documented and, where appropriate, modified to ensure they are in the best interests of the corporation and the changing needs of the groups which we serve.

"The work of the corporation should complement and not compete with the private sector.'' Mr. Marshall said one of the goals would be to forge a closer partnership with the private sector.

The aim would be to ensure that the growing needs of all Bermudians are met.

"The success during the year of our negotiations, with respect to mortgage financing and the Private Sector Rental Programme are indications of the very positive steps being taken towards this end.'' General Manager Mr. Edwin Cowen said the corporation's offices had been moved to Hemisphere House in Church Street.

"The major thrust of the corporation has changed from that of being a developer to a residential real estate management company,'' he said. Mr.

Cowen said the corporation had improved its services, despite the recession.

It provided 347 affordable homes, and 82 others through the Private Sector Rental Programme.

And, said Mr. Cowen, about 750 people a month were also helped through the Housing Allowance Programme.

Statistics in the annual report show, among other things, that most Bermudian householders feel their properties need little repair.

Just nine percent of the 1,903 occupied homes were deemed in need of major work.

The corporation saw an increase in its cash and deposits to $5,820,143 for the financial year ending March 1993.