Was This Expenditure Approved By Council?

There is no question that our stock of affordable housing is in sad shape as evidenced by news reports over the last couple of weeks but you have to wonder why Comrade Miller would not answer the question on how it was decided to spend this money.

Toronto to spend $75M on affordable housing

Updated: Fri Jun. 13 2008 6:44:39 PM

ctvtoronto.ca

The city of Toronto will spend about $75 million on affordable housing after Toronto Hydro announced it is selling its communications business to Cogeco Cable.

The $200 million deal was announced Friday, and the sale is expected to close on July 31.

The city, which owns Toronto Hydro, will receive a special dividend of about $75 million from the sale, which will be used to refurbish 5,000 affordable housing units.

Mayor David Miller also said 10 community housing buildings will be retrofit with new energy-efficient systems.

When asked how it was decided where the money should be spent, Miller said affordable housing was the city's first priority.

"We have a moral duty, let alone a legal one, to do everything we can," he told reporters at a press conference late Friday afternoon.

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