Item - 2013.EX35.3

One year ago Toronto City Council considered the report Putting People First, Transforming Toronto Community Housing which had been prepared by the Special Housing Working Group chaired by Councillor Ana Bailão.

At the time, Council approved a series of actions and requested the City Manager to further report to Council on some specific initiatives, including the development of a longer-term financing plan for Toronto Community Housing (TCH).

This report provides a one-year status update on some of the major recommendations of the Putting People First report.  This report is a companion to the report "A Ten-Year Capital Financing Plan for TCH". During the past year there has been important progress toward putting TCH on a sounder financial footing so it can better tackle its growing capital repair needs. 

In the short term, working together the City and TCH have arranged to successfully unlock $93.5 million in capital repair funding through mortgage refinancing and will achieve $65 million through the approved sale of assets.  In short, some $158.5 million has been identified for capital repairs just 12 months after Putting People First was adopted by Council.

This is just the beginning.  Moving forward there is significant work yet to be accomplished.  As the companion report "A Ten-Year Capital Financing Plan for TCH" makes clear, there are significant challenges ahead in securing the necessary funding required to meet the growing capital repair needs of TCH.

This report specifically reviews work underway in follow-up to the Putting People First report and makes recommendations concerning:

-           re-engaging the federal and provincial governments in paying their fair share for capital repairs;

-           achieving results from TCH's revitalization efforts;

-           investigation of investment opportunities such as Real Estate Investment Trusts (REITs); and

-           management of TCH single family homes, including diversification to ownership.

In addition, the report addresses motions by councillors which were referred to the City Manager for consideration. These are attached as Appendix A – Update on City Council Member Motions.

Most important, the city with TCH and its partners must continue to press the federal and provincial governments to pay their fair share of sustainable funding for TCH's capital repairs.  The decision some 15 years ago to download social housing was short-sighted and unsustainable. 

As the City and TCH take significant steps forward through the two and 10-year financing plans it is essential that the federal and provincial governments join our effort.  The residents of TCH and the people of Toronto deserve nothing less.