TCHC Board of Directors approves transfer of Railway Lands site back to the City of Toronto, commences President and CEO search

TCHC Board of Directors approves transfer of Railway Lands site back to the City of Toronto, commences President and CEO search

September 14, 2016

​​​​​​​​TORONTO, September 14, 2016—Toronto Community Housing's Board of Directors today approved the transfer of Block 36 North in the Railway Lands back to the City of Toronto. The transfer supports the City's Open Door Program and will expedite the development of 80 affordable rental homes on the site.

Toronto Community Housing has already developed 789 homes in the Railway Lands since the City originally transferred the land in 2007. This includes 131 new rent-geared-to-income homes, 294 new affordable rental homes, and a 364-unit market condominium in partnership with private developer Context.

After the City unveiled the Open Door Program in 2015 to accelerate delivery of affordable housing in partnership with private developers, it approached Toronto Community Housing about using Block 36 North as the proposed site for 80 new affordable rental homes. In July 2016, City Council approved Dominus Capital Corp. as the successful proponent of the RFP to build and operate the 80 homes.

Board chair Bud Purves also confirmed that the Board has begun a process to hire for the position of President and Chief Executive Officer. A global executive search firm has been retained to work with the Board's search committee, and information on the position profile will be posted on the torontohousing.ca website in the coming week.

Other highlights of today's meeting include:

  • An update on the sale of standalone houses. Of 158 properties approved for sale by City Council, 140 have been sold or committed under contract, generating $78 million in net proceeds.
  • A discussion of proposed approaches for Toronto Community Housing's 2017 operating and capital budgets. This year, at City Council's direction, Toronto Community Housing will submit a Board-approved budget to City staff in early October. The 2017 budget will come before to the Building Investment, Finance and Audit Committee and the full Board for approval on September 28.
  • A presentation on strategies to reduce the number of vacant rentable units in Toronto Community Housing's portfolio.
  • The Board confirmed that the term of the Office of the Commissioner of Housing Equity has been extended for five years, and that the Commissioner will now report into the Resident Services Committee.
  • The Board congratulated City Councillor director Raymond Cho for his being elected Member of Provincial Parliament for Scarborough Rouge River in a by-election on September 1.

Quotes

"Toronto Community Housing's revitalization of the Railway Lands has helped to transform the area into a vibrant neighbourhood of highrise condominiums and affordable rental housing for about 18,000 people. By transferring Block 36 North back to the City, Toronto Community Housing is supporting the creation of more new affordable rental homes at the Railway Lands through the City's Open Door Program."

—Bud Purves, Chair, TCHC Board of Directors

"The critical nature of the role of President and CEO makes it extremely important that the successful candidate possess the skills, experience and personal characteristics necessary to lead the corporation forward. We are confident our search committee's efforts to find the right candidate will be fruitful, and look forward to communicating the results once the Board has selected and appointed the successful candidate."

—Bud Purves, Chair, TCHC Board of Directors

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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 $9-b​​illion public asset.


Media contact: Lisa Murray, T: 416-981-4252 media@torontohousing.ca