Toronto Community Housing is entering 2015 as a stable company positioned for success following approval today by the Board of Directors of a sound budget that includes record investments in repairs for the company’s aging buildings.
Toronto Community Housing’s 2015 budget will invest $175 million in capital repairs in developments spread across the city. These repairs include the replacement of aging boilers, leaking roofs, outdated generators, and repairs to foundations, interiors, and parking garages. The 2015 plan is a 250-per-cent increase from the $68 million invested in 2013 and will address the critical repair needs of Toronto Community Housing’s aging buildings, over 1,000 of which are more than 50 years old.
The 2015 capital plan is fully funded thanks to an innovative 10-year capital financing plan developed with the City of Toronto that generates funding for capital repairs through a range of measures, including refinancing mortgages and selling vacant standalone units. Toronto Community Housing’s plan with the City secures one-third of the $2.6 billion required to repair its aging buildings. However, if funding is not secured from the provincial and federal governments, the money available for capital repairs will start to run out in 2016 and an estimated 4,000 Toronto Community Housing homes will be in uninhabitable condition by 2018.
The Board of Directors also received an update on the company’s accomplishments in 2014, including:
- A $128-million capital program that aims to deliver over 500 large-scale capital projects and over 60 community-driven projects
- Continued expansion of the world-renowned Revitalization strategy beyond Regent Park to an additional five communities
- Implementation of new, modernized business processes that have led to improved service and millions of dollars in savings from avoided costs
The board also welcomed three new members appointed by City Council: Councillor Raymond Cho, Councillor Joe Cressy, and Councillor Frank Di Giorgio, who was appointed as the mayor’s designate. Ana Bailão, the Chair of the City’s Affordable Housing Committee, re-joined the board for a second term.
“Next year will be a defining year for Toronto Community Housing. Residents will start to see real impact from record investments in repairing their homes and increased front line resources to deliver better service for tenants.”
—Bud Purves, Chair, Toronto Community Housing Board of Directors
“As a result of outstanding performance in 2014, we are entering 2015 a stable company positioned for success. We can sustain this momentum if the federal and provincial governments commit to investing in our 10-year plan to repair all our homes so that our housing can serve Toronto’s needs for another 40 years. But without this funding, we will face the real prospect of having to start vacating and boarding up more buildings as they become unsafe.”
—Greg Spearn, President and CEO (Interim), Toronto Community Housing
- Backgrounder: 2014 Highlights
- Backgrounder: 2015 Capital and Operating Budget
- 2015 Capital and Operating Budget
About Toronto Community Housing
Toronto Community Housing
is Canada’s largest social housing provider. We provide clean, safe, affordable homes to 58,500 households with low and moderate incomes, in neighbourhoods across the city. Working with our partners, we are bringing some of the brightest minds in the industry together to turn the challenges posed by our aging housing stock into an opportunity to build better homes, better neighbourhoods, and a better Toronto for all.