No conflict of interest in Regent Park condo purchases: report

No conflict of interest or favouritism occurred when executives and employees of Toronto Community Housing Corp. (TCH) bought condo units at Regent Park in 2009, an independent review has concluded.

The TCH’s board released the report by Patrick LeSage on Friday. It was prompted by a Toronto Sun report in the spring questioning those purchases by executives involved in Regent Park Development Corp., TCH’s holding company.

LeSage also concluded that:

•    TCH employees did not receive any benefit or preference not available to the general public.
•    TCH executives received no preferential benefit.
•    Employees and executives of TCH’s business partner, The Daniels Corporation and its family members, received only the benefits they were entitled to receive.
•    Loan programs created to help Regent Park residents buy a home were accessed only by those who qualified.

LeSage recommended that future purchases by TCH executives and employees be disclosed through a public registry. The company said it will implement such a registry online in the near future and expect everyone to adhere to the new policy.

TCH president and CEO Eugene Jones said he hoped the report will strengthen the public’s confidence in the Regent Park revitalization project. Regent Park is Canada’s largest public housing complex, which is undergoing a major facelift over 15 years in Toronto’s east end.

“The report makes it clear what exactly happened with these transactions,” he said at a news conference. “The purchases in question took place only after Regent Park tenants had already the first chance to buy. Executives and employees of TCH purchased the units at the same time and at the same prices as the public.”

He also said loan programs created to help Regent Park tenants were accessed only by those who were qualified.

TCH board chair Norman Purves thanked LeSage for the review.

“Public confidence is essential to our success at Regent Park, and the board is committed to taking whatever steps necessary to protect the integrity of the processes that are the foundation of that confidence,” he said.

Below is the full report.

Independent review of condo purchases by Toronto Community Housing executives and employees

Top Stories

Top Stories

Most Watched Today