Toronto City Council's Executive Committee has approved a plan aimed at generating $10 million a year in stable, ongoing funding for much-needed capital repairs at Toronto Community Housing.
If approved by City Council later this month, the plan would exempt Toronto Community Housing from paying municipal property taxes. This frees the company from having to pay the provincial education portion of the municipal property tax.
Every dollar generated by this tax change will be dedicated to improving the state of repair of Toronto Community Housing buildings. The new repair money will start to flow in 2012.
Toronto Community Housing's biggest challenge is bringing its 58,500 units of housing to a state of good repair. The company has a current backlog of $650 million in unfunded capital repair needs. This affects the quality of life for many of our 164,000 tenants and reduces the availability of affordable housing for the 79,000 households on wait lists.
The plan now requires Toronto City Council's final approval.
"Toronto Community Housing appreciates the cooperation of the City of Toronto and the Government of Ontario in securing new funds for much-needed capital repairs. This step is a good start in finding positive solutions to improve the quality of our housing and the quality of life for our tenants."
-Len Koroneos, Toronto Community Housing Chief Executive Officer (interim)