TORONTO — Toronto Community Housing’s Board of Directors has approved the corporation’s 2016 budget of $1.3 billion, which includes a $250-million investment in capital repairs to fix its aging buildings in 2016.
The $250 million for capital repairs, a 43-per-cent increase over 2015, will fund 18,000 projects that will improve living conditions for more than 40,500 households. Examples of specific projects include:
- Replacing 55 elevators to create faster, more reliable service for 4,600 residents
- Replacing roofing for 107 buildings which are home to 6,500 residents
- Upgrading windows and exterior walls of 44 buildings to increase comfort for 3,800 residents while lowering energy costs
- Installing more than 1,000 new or upgraded security camera systems in more than 50 communities
The 2016 budget of $1.3 billion is a $340-million increase over 2015. $225 million of this increase is tied to mortgage refinancing anticipated to close in Q4 2016, the proceeds of which will be placed in reserves to fund 2017 capital repairs. $110 million is increased spending on capital repairs and development work, and the remainder relates to the operating budget.
The 2016 capital repair plan is funded through $200 million raised from mortgage refinancing, drawing on reserves and the existing line of credit. While these measures enable the 10-year capital repair plan to continue into a fourth year in 2016, Toronto Community Housing still needs support from the federal and provincial governments to fully fund the remaining six years of the plan and preserve its homes, a $9-billion public asset.
Building on the success of its Revitalization program, the company will also invest $170 million in 2016, a $43-million increase over 2015, to bring the number of active sites to six (250 Davenport, Alexandra Park, Allenbury Gardens, Lawrence Heights, Leslie Nymark and Regent Park) and deliver 900 new or refurbished homes in these communities.
The 2016 operating budget includes an increase of 7.7 per cent in non-discretionary expenses, such as utilities, while revenue increases remain below inflation or flat. Despite this, the company has delivered a balanced operating cash budget by holding the line on discretionary expenses.
Toronto Community Housing is requesting an additional $13.7 million in 2016 from the City of Toronto to deliver additional improvements for residents identified in the Getting it done report at the request of the Mayor’s Task Force. For example, if funding is secured, the company will invest an additional $4.5 million in security improvements and an additional $4.1 million in resident support programs targeted to youth, seniors and vulnerable residents.
“The Board is very pleased with the 2016 budget. It continues to deliver capital improvements to our housing stock, and supports the work already underway to deliver better services that meet resident expectations, all while holding the line on discretionary spending.”
—Bud Purves, Chair, Toronto Community Housing Board of Directors
“Building on our progress in 2015, our 2016 budget will allow us to keep the momentum going in making record-level capital and operational improvements. Most importantly, our work in 2016 will create tangible improvements that residents will notice.”
—Greg Spearn, President and Chief Executive Officer (Interim), Toronto Community Housing
About Toronto Community Housing
Toronto Community Housing is Canada’s largest provider of social housing, delivering homes for nearly 60,000 households with low and moderate incomes. By working to provide clean, safe, well-maintained and affordable housing, Toronto Community Housing building better homes, better neighbourhoods and a better Toronto for all.