Item - 2019.EX8.8

The Executive Committee recommends that:  

1.  City Council, in its capacity as Shareholder of Toronto Community Housing Corporation approve pursuant to Section 7.4.1(a) of the City's Amended and Restated Shareholder Direction the Term Sheet regarding the National Housing Co-Investment Fund (the Term Sheet)  among Canada Mortgage and Housing Corporation, Toronto Community Housing Corporation and the City of Toronto (the City) in Attachment 1 to the report (September 10, 2019) from the Deputy City Manager, Community and Social Services and Chief Financial Officer and Treasurer.

 
2.  City Council authorize the Chief Financial Officer and Treasurer or delegate to execute the Term Sheet on behalf of the City.
 

3.  City Council authorize the Chief Financial Officer and Treasurer to execute a guarantee by the City in favour of Canada Mortgage and Housing Corporation of the loan repayment obligations of Toronto Community Housing Corporation to Canada Mortgage and Housing Corporation under the financing agreement (Agreement) contemplated by the Term Sheet upon terms and conditions satisfactory to the Chief Financial Officer and Treasurer and in a form satisfactory to the City Solicitor.
 

4.  City Council authorize the General Manager, Shelter, Support and Housing Administration to execute any consents of the City as Service Manager that may be required under the Housing Services Act for the transactions under the Agreement.

 
5.  City Council consent pursuant to section 453.1 of the City of Toronto Act, 2006 to any mortgage security required by Canada Mortgage and Housing Corporation over properties that are subject to a restriction on encumbrances under section 453.1 of the City of Toronto Act, 2006 or the former provisions of The City of Toronto Act, 1975 (2) or the City of Toronto Act, 1988 (2).
 

6.  City Council as shareholder and guarantor, direct Toronto Community Housing Corporation to obtain the approval of the Chief Financial Officer and Treasurer and the Deputy City Manager, Community and Social Services of the terms and conditions of the Agreement prior to execution.
 

7.  City Council authorize the Deputy City Manager, Community and Social Services or delegate to execute such other agreements, consents, approvals and notices that may be required or convenient to carry out Council's decision.

 
8.  City Council direct Toronto Community Housing Corporation to enter into an agreement with the City as shareholder and guarantor to report to the General Manager, Shelter, Support and Housing Administration and the Executive Director, Housing Secretariat on projects proposed to be funded by forgivable or repayable loans, sources of funding for co-investment, forecasted construction procurement, commencement and completion schedules and compliance with National Housing Co-Investment program criteria and requirements; and to consult with the City to ensure continuing access to program funding and compliance with the Agreement terms and conditions, all on terms and conditions satisfactory to the General Manager, Shelter, Support and Housing Administration and the Executive Director, Housing Secretariat and in a form satisfactory to the City Solicitor.

 
9.  City Council direct that Confidential Attachment 1 to the report (September 10, 2019) from the Deputy City Manager, Community and Social Services and the Chief Financial Officer and Treasurer remain confidential in its entirety until such time as Canada Mortgage and Housing advises the Deputy City Manager, Community and Social Services or delegate that the same may be disclosed to the public.

The Executive Committee considered Items EX8.4, EX8.8 and EX8.11 together.

On April 5, 2019, the federal government announced a commitment of $1.34 billion in funding over nine years under the National Housing Co-Investment Fund to repair and renew Toronto Community Housing Corporation's aging social housing portfolio.

In order to activate this federal investment which is proposed to be provided to Toronto Community Housing Corporation through a combination of forgivable loans and repayable loans, this report seeks Council approval of the terms and conditions under the proposed Term Sheet (outlined in Confidential Attachment 1). The parties under the proposed Term Sheet are the City as guarantor, Toronto Community Housing Corporation as the borrower and the federal government through Canada Mortgage and Housing Corporation as lender.

The City and Toronto Community Housing Corporation are well-positioned to deploy the funding within the terms proposed by Canada Mortgage and Housing Corporation. Implementation will take place over nine years and will include the repair and renewal of the entire Toronto Community Housing Corporation portfolio comprising of 58,860 units.

Through this proposed partnership, the City will further its shared commitment with the federal government to improve the condition of Toronto Community Housing Corporation's portfolio and provide residents with access to safe, well-maintained and affordable homes.