News release: Community Housing 2021 budget builds on 2020 progress to improve building conditions and services for tenants
TORONTO, December 23, 2020—The 2021 Toronto Community Housing Corporation (TCHC) budget, approved by the TCHC Board of Directors on December 15, continues the company's focus on improvements to service delivery, building conditions, safety, accessibility and quality of life for tenants.
TCHC's 2021 budget includes capital investments of $350 million for building renewal and $103 million for development. As well, it includes $632.9 million for operating costs, excluding financial impacts of COVID-19, and $24.2 million to modernize its information technology systems and business processes.
After delivering a $350-million capital renewal program in 2020, TCHC is on-target to reach a 10-per-cent facilities condition index (FCI) by 2026. It is investing in building repairs at record levels for the third straight year and enters 2021 with a fully funded 10-year building renewal capital plan for the first time in its history.
The $103-million development capital budget will enable TCHC to continue its progress in eight revitalization communities across the city. TCHC expects to complete 309 rental replacement units in 2021 and begin construction on 514 rental replacement units.
The 2021 operating budget is a breakeven budget excluding the financial impacts of COVID-19. TCHC has offset rising non-discretionary costs through corporate reductions and efficiencies, enabling it to manage its operating costs in 2021 without requiring an increase in its City of Toronto subsidy.
TCHC has identified $37.5 million in cost pressures arising from COVID-19. It is working with the City of Toronto to recover these costs through federal and provincial programs.
"The 2021 budget delivers stable funding to meet our operating and capital needs over the coming year. It will enable us to make continued progress in our building renewal and revitalization programs, and do more to improve community safety, security and services for tenants with a breakeven operating budget."
"Our budget anticipates that cost pressures arising from COVID-19 will continue well into 2021 and includes continued investments in additional staffing, cleaning and personal protective equipment to protect the safety of tenants and employees."
—TCHC President and CEO Kevin Marshman
About Toronto Community Housing
Toronto Community Housing (www.torontohousing.ca) is Canada's largest social housing provider. Toronto Community Housing provides homes for nearly 60,000 low- and moderate-income households in neighbourhoods across the city. Toronto Community Housing is wholly owned by the City of Toronto and its 2,100 buildings represent a $10-billion public asset.
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