Sale of five properties raises money for much-needed repairs

Sale of five properties raises money for much-needed repairs

January 20, 2012

Toronto Community Housing has completed the sale of five stand-alone properties for a total of $3.45 million.

Net proceeds of $3.28 million will go into a State of Good Repair Fund to be used strictly to pay for capital repairs to improve Toronto Community Housing buildings.

The five properties, all vacant, were identified as costly to repair and maintain under Toronto Community Housing�s 10-year real estate asset investment strategy, Housing Works, which was developed in 2008. Toronto City Council approved the recommendation to sell the properties in August 2010.

One of Toronto Community Housing�s biggest challenges is bringing its 58,500 units of housing to a state of good repair. It faces a backlog of $650 million in unfunded capital repair needs, which affects the quality of housing and life for its 164,000 tenants.�


Quote

�Selling five vacant, costly to maintain and repair properties for 109% of their assessed value is a solid deal for tenants and taxpayers. The sale means $3.28 million more for capital repairs that will improve tenants� quality of housing and quality of life.�

�Len Koroneos, CEO, Toronto Community Housing�

Quick Facts

For further information:


Contact

Sinead Canavan

Toronto Community Housing Media Relations

416-981-4346

sinead.canavan@torontohousing.ca