Case Ootes lone board member votes to sell 22 homes
City-owned housing provider to make millions
Money would be used to fix crumbling housing stock
(Written April 6 for Town Crier.)
Case Ootes, the one man board at Toronto Community Housing Corporation, voted today to sell 22 single families homes in the portfolio that could net the corporation up to $15.7 million.
Some who came out to the meeting asked Ootes to defer the decision until a full board is in place this June. But Ootes said he’s acting on recommendations of the previous board to sell these homes including beachfront property on Hubbard Boulevard that are too costly to maintain.
A staff report this issue states the net profits from the sales should be used to tackle the backlog to fix up existing community housing across the city which Ootes pegs at close to $600 million.
“I made the decision based on the fact this corporation is facing serious financial problems,” he told the media after the meeting. “There are almost 2,000 vacant units in some form of disrepair. Money is needed to repair these units.”
But selling all 22 homes, which contain 29 separate units, won’t be a cakewalk.
Currently, 15 of the 29 units are occupied by tenants with most of them paying market rent. The market rent tenants can’t be kicked out by any new owner unless they or their families plan to live in the homes.
“Most buyers do want (houses) to be vacant so it will be more difficult to sell,” said Ootes. Continue reading