Toronto Community Housing REIT coming soon?
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Reminders of water damage can be seen on the side of 177 Pendrith St., a Toronto Community Housing building in Toronto's west end, where a number of apartments are in need of repairs, photographed March 10 2011.
Amid the offerings in the hot Real Estate Investment Trust market, income-craving investors may soon see an unusual new option: A portfolio of social housing buildings in downtown Toronto.
That’s one of the ideas thought up by Toronto Community Housing Corp., which needs money to revitalize, repair and replace some of the 2,200 properties it owns in the city. Many of the buildings are more than 40 years old and either need some TLC or to be torn down completely.
The only problem is, catching up on the backlog of repairs is going to cost somewhere in the vicinity of $751-million. To raise that capital, TCH is looking to some unconventional tactics.
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