Over half of the budget ($585m) will go to operating expenses, while the other $456m will be for capital expenses. TCH also said it aims to improve is service delivery and access to services, as well as further develop its fire and life safety program.
The budget marks a $12.7m rise over the previous year. “If supported by the City in its 2018 budget process, the level of investment approved by the Board today will enable us to continue our journey to becoming a more tenant-centric and responsive social housing provider, and ensure we have no more permanent closures of units,” said TCHC president and CEO Kathy Milson.
Hundreds of TCH units are at risk of being shuttered by the end of this year, CBC News reported. Over the long term, the board has asked the city for $1.6 billion spread over the next 10 years to repair ageing social housing buildings.
The plan calls for the city to shoulder $160m every year for the next decade. "In order for us to keep all our units open that means we need funds," said Councilor Joe Cressy, a member of the TCH board, as quoted by CBC News.
Mayor John Tory has strongly supported the move to fix ageing housing units. Last May, he told reporters the city was overdue for action. “The time for action is now; in fact it was before now, because repairing social housing is a moral, economic and a social imperative.”
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The board of directors of Toronto Community Housing (TCH) has approved a $1.04bn budget for fiscal year 2018, as it seeks to speed up building capital repairs, and upgrade its information technology to be more responsive and efficient.