VANCOUVER - Organizers of the 2010 Winter Games denied rumours today that the Little Mountain Housing project will become an Olympics parking lot after it’s demolished.

“I haven’t heard anything about that,” VANOC executive vice-president of services and operations Terry Wright said.

Provincial government plans to bulldoze Vancouver’s oldest social housing site have met with vocal opposition of late, though only 12 families continue to live in the shuttered community.

The property sits near the Vancouver Olympic Centre/Vancouver Paralympic Centre, which will host curling events during the Games.

Such proximity has given rise to speculation the site will be used to ease parking constrictions next February, a rumour Wright rebuffed.

“Unless something has happened in the last week and a half, the last time I reviewed our properties report it wasn’t on it,” he said.

Wright’s comments came after VANOC executives announced the committee has reached its $760 million domestic sponsorship target.

But it still risks being cash-strapped as the Olympics approach, VANOC executive vice-president of marketing Dave Cobb said.

Vancouver’s Olympics bid required organizers to buy a huge portion of Lower Mainland advertising space to sell to Games sponsors and partners.

The economic downturn means many companies are scaling back marketing budgets, which has left VANOC with about $12 million worth of unsold space, Cobb said.

After contingency funds are applied, the committee could still face a $6 million shortfall.

“We have significant inventory left, and this is proving to be one our biggest challenges on the revenue side,” he said.

VANOC could also have to reckon with a $30 million shortfall if the IOC fails to sign up additional international sponsors. Both organizations are in “continuous discussions” and Cobb was confident a solution will be reached.

“We’re going to continue to file forward,” he said, “and deal with the hypothetical when we have to.”

Geoff Dembicki reports for The Tyee.