|Date issued||Effective date|
|September 30, 2003||Immediately|
The policies and procedures in this City Guideline are mandatory and are to be implemented by all Section 26, 27, and 95 social housing providers.
The Social Housing Reform Act (SHRA) created the Social Housing Services Corporation (SHSC). One of the roles of the SHSC is to pool capital reserves for investment purposes.
In February 2003, the SHSC introduced four Social Housing Investment Funds managed by Philips, Hager & North.
Section 26, 27, and 95 housing providers have restrictions in their operating agreements on how they may invest replacement reserve assets. The Boards of these providers are responsible for determining their investment policies within the terms of these agreements.
These agreements allow the City of Toronto, as service manager, to designate certain additional investment options. The City has decided that Section 26, 27, and 95 social housing providers may invest in Social Housing Investment Funds.
However, providers must receive approval from their Social Housing Consultant before investing in either the Social Housing Canadian Bond Fund or the Social Housing Canadian Equity Fund. The Social Housing Consultant will give approval if the following two conditions are met.
If you have any questions, please contact your Housing Consultant or the HSS:
Housing Stability Services
Shelter, Support & Housing Administration
City of Toronto
365 Bloor Street East, 15th floor
Toronto, ON M4W 3L4