TORONTO, February 7, 2019—The Toronto Community Housing Corporation (TCHC) Board of Directors has approved a $1.05-billion budget for 2019 that will drive continued improvements to housing and services for its 110,000 tenants.
TCHC's 2019 budget, which the board approved on February 5, consists of $422.6 million for capital, $601.2 million for operations and $21.9 million toward a proposed multi-year project to put in place a new, fully integrated housing management system that will improve service to tenants.
Toronto Community Housing's $422.6-million capital budget includes a record-level $313.1-million building capital renewal plan and a $109.5-million development capital plan to fund ongoing work to replace housing in eight communities. This year's building capital renewal budget includes the approval of multi-year projects to maximize spending efficiency and realize best value for money.
Toronto Community Housing's 2019 operating budget is a break-even budget, with revenues of $601.2 million matching expenses. In developing a break-even budget, Toronto Community Housing has allocated more resources to the front lines to strengthen community safety and security, enhance fire safety and improve tenant-facing services. The budget also advances the City's Tenants First plan through the implementation of the Seniors Housing Unit and a refreshed Tenant Engagement System.
Included in the approved budget are allocations for the proposed integrated housing management system, and provisions for the hiring of additional special constables as well as additional staff for the Interim Seniors Housing Unit. The TCHC board of directors will review detailed proposals for each of these priority areas.
"The board has played a diligent role in shaping a prudent and responsible budget focused on improving our housing and delivering better service to tenants, and on protecting the availability of rent-geared-to-income housing by ensuring no permanent closures of units."
— Kevin Marshman, Chair, Board of Directors
"Our 2019 budget will continue to improve housing and services for tenants guided by the priorities in our new four-year strategic plan developed with input from tenants. It will enable us to improve living conditions, safety, accessibility and comfort for tenants, produce greater energy efficiencies and make continued progress toward our goal of returning all our buildings to a state of good repair by 2026."
— Sheila Penny, Acting President and Chief Executive Officer
About Toronto Community Housing
Toronto Community Housing (www.torontohousing.ca) is Canada's largest social housing landlord, providing homes for nearly 60,000 low and moderate-income households in neighbourhoods across the city. We are wholly owned by the City of Toronto and our 2,100 buildings represent a $10-billion public asset.
Media contact: TCHC media line 416-737-1352 or email@example.com