The Toronto Community Housing Corporation released on Friday a strategy on how to spend $222 million it expects to raise from selling nearly 700 homes, laying out a plan it says would see repairs and improvements made to remaining properties across the city.
The City of Toronto decided to sell some 675 municipal-owned houses last year, and has earmarked the estimated $222 million profit to be used repairing other TCHC properties.
TCHC estimates that there is $751 million worth of repairs required on its various properties.
Mayor Rob Ford delayed the sale last month to allow TCHC time to prepare the spending plan.
According to the plan released Friday, the majority of the money ($169.6 million) would be spent on structural repairs like fixing crumbling beams, load-bearing walls, roofs and ceilings.
Another $36.3 million has been earmarked for replacing and repairing furnaces, hot water boilers, plumbing, elevators, fire alarms and water treatment systems.
Some $16 million would be spent on repairing building foundations.
In 2011, TCHC's repair backlog was tagged at $650 million. Today, the repair backlog is estimated at $751 million.
The repair backlog is expected to grow by $90 million a year, reaching $1 billion by 2015.
The TCHC says the cost of new repairs is outpacing their ability to invest, and has asked for more funding to help stem the "negative impact on tenants."
