The Toronto Community Housing Corporation is set to sell 65 vacant and stand-alone properties in an effort to raise much-needed capital. Accordingly, TCHC has issued a Request for Proposal for professional realtor services to manage the sale of the properties. Projected to bring in $24 million in revenue, the sale of the properties was approved in June of 2012 in order to allow the corporation to fund building repairs in their vast property holdings. The projected proceeds will be directed to the State of Good Repair Fund for major repairs such as elevators, roofs, structural remediation and life-safety systems. An additional $11.5 million currently available in the fund will be used for in-suite repairs beginning in the fall that will see approximately 16,000 units in almost 80 buildings benefit from the improvements. In regards to the sale, President and CEO Gene Jones stated:

"All our 164,000 residents deserve safe, well-maintained buildings they can call home. Selling these vacant properties will help us fund major capital repairs to benefit more than 12,000 residents. Without new money for repairs, many of our older buildings will very soon become unfit to live."

There is, however, still much work to be done. With an ageing building stock and an unfavourable government funding model, TCHC still faces a daunting $751 million repair backlog

Realtors interested in the RFP can learn more at the link here. Proposals must be received by October 17, 2012 at 11:00am.