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.
Funding
|
Source |
Year |
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
|
Infrastructure Ontario Mortgage Re-financing
| 2016
| $39,135,000
|
Infrastructure Ontario Mortgage Re-financing
| 2017
| $384,829,473
|
Infrastructure Ontario Mortgage Re-financing
| 2019
| $76,500,000
|
| |
Total:
|
Expenses
|
Investment |
Date |
Expense |
| Capital Repairs | YTD Q1 2020
| $58,729
|
| | |
Total: $58,729 |
