TORONTO, April 6 /CNW/ - A plan aimed at raising $15.7 million for
much-needed capital repairs received approval from Toronto Community
Housing's board today.
Managing Director Case Ootes directed staff to seek government approvals
for selling 22 single-family houses on the open market, investing the
sales proceeds to improve Toronto Community Housing's existing housing
stock and replacing seven rent-geared-to-income units located in those
houses with an equal number of rent supplements.
"Selling these 22 houses on the open market and investing the sales
proceeds into much-needed repairs will maximize our housing assets for
the good of tenants and all Torontonians. It will generate $15.7
million for much-needed repairs and, by that, create access to more
social housing within our portfolio for those in need," Mr. Ootes said.
The houses were chosen based on the results of a comprehensive review of
the entire portfolio's housing stock and state of repair. The houses
require more than $2.5 million in repairs over the next 10 years to
ensure an acceptable state of repair.
A committee of the former board approved the proposed sale of the 22
houses in early 2011. The proposed sale was also part of Toronto
Community Housing's Real Estate Asset Investment Strategy, which was
unveiled in 2008.
Toronto Community Housing has contacted all impacted tenants. Steps will
be taken to minimize negative impacts, including:
Honouring all existing documented commitments made to tenants;
Finding alternate housing in our portfolio for subsidized tenants; and
Informing market rent tenants about other options in our portfolio.
Also at the meeting, staff reported on steps being taken to put in place
better financial controls and accountability mechanisms in response to
the recent Auditor General's report. Steps already taken include:
New employee expenses directive with clear rules for business expenses;
Cancellation of purchase cards;
Staff discipline for inappropriate expenses (14 warnings, one
suspension, seven employee termination/departures); and
Approval of a Corporate Compliance Initiative that provides continuous
monitoring, reporting, risk analysis and staff training to ensure
policies and procedures are followed and money is spent wisely and
"Social housing is essential to the well-being of Toronto. Putting in
place proper financial controls and accountability is crucial to
Toronto Community Housing restoring public confidence and delivering on
its mandate to provide affordable housing," Mr. Ootes said. In
addition, the operating and capital budgets for 2011 received board
approval. The budgets are Toronto Community Housing's financial plan
for strengthening people, places and its foundation. Priorities for
Improved financial discipline;
Managed risk and effective governance;
Sound investment in real estate assets;
Enhanced community safety;
Improved customer service; and
Toronto Community Housing posts board reports on its website www.torontohousing.ca.
About Toronto Community Housing
Toronto Community Housing (www.torontohousing.ca) 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 the
City of Toronto's population. Toronto Community Housing employs 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.
SOURCE Toronto Community Housing Corporation
For further information: