Vancouver Organizing Committee CEO John Furlong says he believes the Olympic Village project will be completed as planned. (CBC)

The ongoing global financial crisis is not threatening the completion of venues for the 2010 Olympic Games, the organizing committee's CEO said Tuesday.

"We just went to Whistler today with the IOC [International Olympic Committee], and we took them through all five stadiums the athletes are using," John Furlong said.

"The work is done; those venues are paid for … There is only one project that isn't over the finish line, but it is four weeks from being there," he said.

Furlong said he is also not worried about the financial backing of the $1 billion Olympic village project under construction on False Creek.

The Southeast False Creek development site comprises 32 hectares of land, seven of which will be temporarily transformed into the Olympic Village during the Games. (CBC)

There are concerns over the finances of Fortress Credit Corp., which agreed to loan $760 million to Millennium Development Corp., the project's developer.

Fortress Credit is affiliated with the New York-based Fortress Investment Group, which was forecast to run out of cash in the first quarter of 2009, according to U.S. media reports in August.

Furlong said Tuesday that the organizing committee has "complete trust in our partner."

"The project is where it needs to be today. It's on schedule. It's going well. We believe it will be delivered exactly like we thought it would," he said.

The City of Vancouver, which has put up a lender guarantee of $190 million, is responsible for seeing the athletes' village through to completion.

Vancouver Mayor Sam Sullivan said Tuesday the financial crisis won't compromise the Olympic Village project. (CBC)

Mayor Sam Sullivan said Tuesday the project is in a better financial situation since his council reduced its social housing and daycare components and that there are back-up plans.

"I can't really go into them all, but there's a lot of options the city has, and I can tell you that … we're not even close to thinking about them really. We are very confident on this project," Sullivan said.

The Southeast False Creek development site comprises 32 hectares of land, seven of which will be temporarily transformed into the Olympic Village during the Games. The village, which will contain 15 to 20 permanent buildings and other temporary structures, will be a residential community but will also include commercial and retail space.

Athlete housing units to be converted to low-income homes

The housing units to be used by the Olympic athletes will eventually be converted into low-income housing for seniors and the homeless after the 2010 Games, the B.C. government announced Tuesday.

"After the Games, we will adapt 320 athlete housing units from the Olympic village to create more than 156 units of permanent, affordable housing for people and families most in need in our province," Premier Gordon Campbell said.

The province will contribute $20 million to reconfiguring and relocating the modular units while the communities receiving the units will donate the land required.

The units will be placed in Surrey, Chilliwack, Chetwynd, Sechelt, Enderby and Saanich.