Council directs funds from Toronto Hydro Telecom sale to Toronto Community Housing

City Council approved that a $75 million dividend from the sale of Toronto Hydro Telecom will go to the Toronto Community Housing Corporation (TCHC) to help address the backlog of repairs required to the City’s public housing units. Council will also use its investment to encourage the provincial and federal governments to make a substantial investment to help repair TCHC buildings. Currently, TCHC sites have a repair backlog with a value estimated at $300 – 350 million. These buildings were downloaded by the province onto the City with an existing, substantial repair backlog. Included in the telecom sale is the City acquisition of four strands of fibre optic cable to use for information technology needs, and a $5 million fund for future City information technology initiatives that improve telecommunications infrastructure and accessibility.