TORONTO, December 16, 2019—The Toronto Community Housing Corporation (TCHC) Board of Directors has approved a $1.11-billion budget for 2020 that will improve the tenant experience through investments in building capital repairs, better service delivery, and community safety and security.
TCHC's 2020 budget, approved on December 12, includes $629.7 million for operating, $350 million for building capital renewal and $130.5 million for development capital.
The budget reflects the new permanent funding model approved by City Council. The City's ongoing annual contribution of $160 million for building capital repairs and $251 million toward operations delivers stable funding for TCHC's needs and is the City's largest single investment in Toronto Community Housing's history.
The 2020 operating budget significantly increases resources to improve the quality and availability of services to tenants. It re-invests $11.8 million in efficiencies to improve frontline, tenant-facing services and community safety.
The 2020 building capital renewal budget combines City funding with funding secured through Canada Mortgage and Housing Corporation from the National Housing Strategy. This will enable TCHC to improve living conditions for tens of thousands of tenants while improving safety, accessibility and energy efficiency in its buildings and preventing the permanent closure of housing units.
The board also approved a three-year commitment totaling $125 million to fund multi-year building capital renewal projects to improve project delivery and efficiency, and minimize tenant disruption.
The 2020 development capital budget will enable TCHC to continue implementing community revitalization programs in seven TCHC communities across the city and deliver 309 rental replacement units in 2020.
"Our 2020 budget is built on the City Council's important decision to provide TCHC with permanent and ongoing funding. It also reflects an emphasis on delivering better tenant services and enhanced community safety through $11.8 million in organizational efficiencies."— Tim Murphy, Chair, Board of Directors
"Our 2020 budget will allow us to continue improving the overall tenant experience by sustaining the progress of our 10-year plan to bring all our buildings back to a state of good repair and to implement a new decentralized model that will enable frontline staff to deliver the level of services that tenants need and deserve." — Kevin Marshman, 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.
TCHC media line 416-737-1352 or email@example.com.