The Toronto Community Housing Corporation is to transfer a scattered portfolio of 730 units to the non-profit sector.
The publicly-owned assets will then be maintained as social housing by the non-profit providers with tenants retaining both their homes and their subsidies.
The Request for Proposals (RFP) process is underway as part of the Tenants First plan, the first phase of which was approved in 2017 to transfer the $10 billion of social housing stock to non-profit housing providers.
"The RFP is the next step in the process of modernizing our housing portfolio to achieve better quality of life for tenants and establish a more sustainable funding model,” said Mayor John Tory. “The transfer of a public asset of this magnitude to the non-profit sector is significant, however this process is grounded in best practices, thorough planning and a strong accountability framework."
The units included in this stage total 730 units - single unit or multiple apartments within a house, scattered across the city – and, if approved, the transfer is expected to begin in 2020 and run through to 2022.
"The beginning of the transfer process is an important milestone. The transfer of the scattered housing portfolio will free up resources for TCHC to focus on its core portfolio, while improving the condition of these properties and retaining them as affordable housing,” said Deputy Mayor Ana Bailão, Chair of the Planning and Housing Committee.
