Plan to raise $300 million for repairs receives Board approval

Plan to raise $300 million for repairs receives Board approval

October 21, 2011

Toronto Community Housing's Board of Directors has approved a phased plan to sell 706 costly-to-operate scattered units to raise some $300 million for capital repairs and create better quality housing for our 164,000 tenants.

"At a time when we have a $650-million repair bill, and the demand for affordable housing is on the rise, Toronto Community Housing is acting to tackle these challenges in a way that does the greatest amount of good for the greatest number of people," said Bud Purves, Chair of Toronto Community Housing's Board of Directors.

"Selling the 706 houses, which cost us $10 million more to operate than they raise in revenues, will generate some $300 million for capital repairs and help us create better places for tenants to live," Purves said.

The company has a responsibility to act, the company's Chief Executive Officer says.

"As CEO, it's my responsibility to stand up for all 164,000 of our tenants, many of them living in poor quality housing, and to do everything I possibly can to improve the quality of their housing and their quality of life. That is what we are doing with this plan," said Len Koroneos.

Board members heard from a number of concerned tenants at today's meeting and directed staff to place a high priority on accommodating the needs of tenants who will be relocated. That includes:

  • Working with each affected tenant to find a suitable unit that is appropriate to their circumstances, including accommodation for the number of tenants in the unit, children, special needs and the elderly;
  • Consulting and communicating with affected tenants;
  • Developing guidelines for tenant relocation that clearly set out how tenant needs will be addressed;
  • Providing adequate advance notice of any moves; and
  • Paying tenant moving costs.

The Board has asked staff to work together with community agencies to explore options to help existing tenants secure home ownership opportunities, and to pursue matching funding from the federal and provincial governments for capital repairs.

The plan now goes to Toronto City Council for approval. If approved by City Council, it would also require the approval of the Government of Ontario.

- 30 -

For more information, please contact:

Jeffrey Ferrier
Toronto Community Housing Media Relations
416-737-1352
Jeffrey.ferrier@torontohousing.ca