TORONTO, September 26, 2012 Toronto Community Housing is moving forward with the sale of 65 vacant stand-alone properties to generate an estimated $24 million in much-needed funding for repairs.
The corporation has issued a Request for Proposal for professional realtor services to manage the sale of the properties.
The 65 properties were approved for sale in June 2012. An additional three properties, previously approved but yet unsold, are also included in the RFP.
The projected proceeds of $24 million will be allocated to the State of Good Repair Fund for major capital repairs like elevators, roofs, structures and life-safety systems. These repairs would benefit more than 12,000 households in buildings across the city.
The news follows Toronto Community Housing's announcement of a repair blitz funded through the $11.5 million currently available in the State of Good Repair Fund. This targeted in-suite work, which will begin this fall, will result in improvements to up to 16,000 units in up to 80 buildings in 2013 and 2014.
Toronto Community Housing currently faces a $751 capital repair backlog.
Realtors interested in the RFP can learn more here: www.torontohousing.ca/business_opportunities. Proposals must be received by October 17, 2012, at 11:00 a.m. local time.
All our 164,000 residents deserve safe, well-maintained buildings they can call home. Selling these vacant properties will help us fund major capital repairs to benefit more than 12,000 residents. Without new money for repairs, many of our older buildings will very soon become unfit to live in.
Gene Jones, President and CEO, Toronto Community Housing
About Toronto Community Housing
Toronto Community Housing is Canada's largest social housing provider and home to more than 164,000 tenants with low and moderate incomes about six per cent of Toronto's population. Toronto Community Housing and its subsidiaries employ 1,400 staff in a broad range of jobs, who deliver its mission to provide affordable housing, connect tenants to services and opportunities, and work together to build healthy communities.
Media contact: Sara Goldvine, 416-981-4252 or firstname.lastname@example.org