Toronto Community Housing responds to Minister Wynne
TORONTO, June 13, 2012- Bud Purves, chair of Toronto Community Housing's board of directors, today responded to Ontario housing minister Kathleen's Wynne's decision to approve the corporation's plan to sell 65 stand-alone properties to raise funds for capital repairs.
"The board is committed to making Toronto Community Housing a landlord of excellence. This decision will enable the company to invest much-needed funds into capital repairs across the portfolio. This will contribute to healthier communities for all 164,000 tenants."
"I want to thank Minister Wynne for supporting City Council's decision. Now, Toronto Community Housing can move forward with the sale of the 65 vacant units on the open market, which will provide the most value for the properties and for our shareholder, the City of Toronto."
"While this decision is an important step to start addressing Toronto Community Housing's $751-million capital repair backlog, the corporation still looks forward to the findings of Councillor Ana Bailão's special working group, of which I am proud to serve as a member. The working group's report will guide City Council's decision on our plan to sell 619 stand-alone units currently occupied by tenants, and will provide direction on how to improve the state of repair in all Toronto Community Housing buildings."
- The sale of the 65 units will raise an estimated $24 million.
- The funds from the sale will be invested in the State of Good Repair Fund that is dedicated to capital repair needs across the portfolio.
- Areas where repairs are most critically needed include life safety, electrical and mechanical systems, interiors, windows and roofs.
- Only the 65 units approved by the minister will be sold. Fifty five of the 65 units were approved by City Council earlier this year.
- 619 units will be considered by City Council after Councillor Bailao's special working group submits its report in September.
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 Toronto's population. Toronto Community Housing and its subsidiaries employ 1,400 staff in a broad range of jobs, who deliver its mission to provide affordable housing, connect tenants to services and opportunities, and work together to build healthy communities.
Sinead Canavan, 416-981-4346, firstname.lastname@example.org