Toronto Community Housing has sold its stake in Sparkle Solutions and is dedicating proceeds from the sale to much-needed capital repairs.

Toronto Community Housing has raised about $4.5 million from the sale of its 35-per-cent equity stake to Sparkle's management group. That money has been added to the State of Good Repair Fund, and will benefit tenants by supporting continuing efforts to tackle the company's $650-million capital repair bill.

As part of the transaction, Toronto Community Housing will continue to receive a portion of revenues from laundry machines in its buildings. In 2010, $4.65 million was raised to support the company's work.

The citizens of Toronto, Toronto Community Housing's shareholder, are receiving good value for money as a result of this transaction. An outside, independent, third-party financial advisor retained to provide advice on the sale, confirms the sale price represents fair market value. The sale price exceeds Toronto Community Housing's original working capital investment of $500,000 and laundry machines that were transferred to Sparkle.

Sparkle Solutions will continue to provide laundry services in Toronto Community Housing buildings. Toronto Community Housing's service agreement with Sparkle ensures that the laundry rates for tenants will stay at the low end of fair market rates.

Quote:

"Toronto Community Housing is selling a non-core asset to raise money to support our efforts to bring our properties to a good state of repair for tenants."

-- Toronto Community Housing Chief Executive Officer Len Koroneos.

About Toronto Community Housing

Toronto Community Housing (www.torontohousing.ca) is Canada's largest social housing provider and home to more than 164,000 tenants with low and moderate incomes-about six per cent of the City of Toronto's population. Toronto Community Housing employs 1,400 staff in a broad range of jobs, who deliver its mandate to provide affordable housing, connect tenants to services and opportunities, and work together to build healthy communities.

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For further information, please contact:

Kyle Rooks
Toronto Community Housing Media Relations
416-981-4347
kyle.rooks@torontohousing.ca