Financial relief to help fix Toronto’s decade-long problem of crumbling community housing stock could finally be on the way.
The federal government announced a $1.3-billion funding infusion on Friday aimed at helping the city agency that oversees public housing with a $1.6-billion repair backlog. About $810-million will come in the form of loans, while the remaining $530-million will be contributions. All of the funding will be distributed over a 10-year period.
The money for overdue repairs to Toronto Community Housing (TCH) will come from the $13.2-billion National Housing Co-Investment Fund, launched in May 2018. The federal initiative hopes to create up to 60,000 new homes and repair some 240,000 existing units nationwide over the next 10 years.
Prime Minister Justin Trudeau met with Mayor John Tory at a TCH building in Scarborough to announce the funding boost. The news conference was delayed nearly an hour by protesters who continued to shout while the prime minister spoke.
The $1.3 billion will go to renovating some 58,000 TCH units, according to the federal government. The work is scheduled to begin this spring.
TCH had already budgeted $313 million for repairs this year.