On October 21, 2011, Toronto Community Housing's Board of Directors will consider a recommendation to sell 706 stand-alone housing units that are expensive to maintain and repair and dedicating the estimated $335 million in sales proceeds to a State of Good Repair fund that will be used strictly to pay for capital repairs.

"The need for change is clear. There is a huge demand for repairs, $650 million worth. Without change, more of our housing will fall into disrepair, tenants will wait longer for unit and building improvements, and people will wait longer for access to the housing they need," said Len Koroneos, Toronto Community Housing's Chief Executive Officer (interim).

"This plan will provide better quality housing for all our 164,000 tenants, get families on waiting list into affordable housing sooner, and improve the value of our housing asset for its owners - the citizens of Toronto," Koroneos said.

The plan includes a firm commitment to minimize the impact on affected tenants. That includes finding a new home within the company's housing portfolio for subsidized tenants and paying for moving costs and other supports.

To avoid flooding the market, the plan proposes offering houses for sale using a phased approach that will take place over many years, with 70 already vacant units being the first to go on the market.

The full report is available online: http://www.torontohousing.ca/webfm_send/7677/1?#

The plan requires approval of Toronto Community Housing's Board of Directors, Toronto City Council and the Government of Ontario.

-- 30 --

For more information, please contact:
Jeffrey Ferrier
Media Relations, Toronto Community Housing
416-737-1352 (cell)
Jeffrey.ferrier@torontohousing.ca