Thank you, Mr. Chairman. The initial allocations of the reductions were done on a pro rata basis, and given the amount of dollars involved here per each local housing organization, the dollar amounts are quite small. As a result of that, that is what makes this allocation methodology a viable approach.

We will continue to closely monitor the financial results for the coming fiscal year, and certainly, as part of the funding formula review, we could potentially be making adjustments on a case-by-case basis. Thank you, Mr. Chair.