TCHC could get tax break
Posted October 3, 2011 6:06 am.
This article is more than 5 years old.
The Toronto Community Housing Corporation (TCHC) could get a break on its taxes, saving it about $10 million a year.
The housing agency, the city and the province have worked out a deal to make the TCHC exempt from paying taxes on its properties.
The city’s executive committee, chaired by Mayor Rob Ford, is slated to vote on the deal Monday.
If approved, the move would remove a redundancy for the city, which gives the TCHC $81.6 million a year to pay its property taxes, only to have the agency return that money.
The housing agency would also be able to use the approximately $10 million it pays the province for education taxes to make repairs to its housing units.
The agency currently has a $650-million state of good repair backlog, the Toronto Sun reports, and the new cash could fund 450 unit renovations a year.
