In March 2013, following a recommendation in the Putting People First - Transforming Toronto Community Housing report, Toronto Community Housing refinanced 18 of its mortgages to establish a new 30-year rate and generate about $93-million. In 2014, a further $64 million was generated through mortgage re-financing.
There are a few restrictions to this money. First, a portion must be set aside in capital reserves for the buildings with refinanced mortgages. Second, the money must be spent on capital repairs to buildings with a 30-year life span.
Under its 10-Year Capital Financing Plan developed with and approved by the City of Toronto, Toronto Community Housing plans to secure more than $180 million through mortgage refinancing over the coming decade. Progress will be reported on our website.
Net New Funding|
|Infrastructure Ontario Mortgage Re-financing||2013||$94,255,865|
|Infrastructure Ontario Mortgage Re-financing||2014||$30,686,865|
|Infrastructure Ontario Mortgage Re-financing||2015||$200,000,000|
|Capital Repairs||YTD Q1 2017||$31,579,087.53|