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TCHC Votes to Sell More Than 700 Houses
At a Toronto Community Housing Corporation meeting this afternoon, its board approved the sale of more than 700 houses, most of which are detached homes, to begin to tackle its $650-million repair backlog, reports the National Post. The sale of the units could raise as much as $336-million, according to staff estimates. The TCHC will begin the sell-off with 70 houses that are currently vacant, but the board’s decision today will force many residents from their homes and into new neighbourhoods. The corporation’s CEO, Len Koroneos, offered assurance that the TCHC will find units for those residents. This June, citing the same $650-million repair backlog, city council approved the sale of 22 single-family TCHC homes. The sales will need to be approved by city council and, in most cases, by the province before they go ahead.