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Losses on the stock market? Appliances from China? Splitting purchase orders? Holt Renfew chocolates? What was TCHC thinking?

That’s the question any fair-minded person would ask after reading the Auditor General’s two reports on Toronto Community Housing. It’s certainly the question the housing community has been asking.

We were pleased to see the Auditor General confirm this was not a case of fraud or corruption. Anyone who has ever met or worked with either former CEO Derek Ballantyne or CEO Keiko Nakamura already knows them to be compassionate, competent and honourable. Derek Ballantyne played a central role in the revitalization of Regent Park — an internationally recognized $1 billion project, with $500 million raised from private financing, the sale of private units and other levels of government. Keiko Nakamura’s commitment to social housing tenants was repeatedly cited by tenants at the deputations on March 3.

Those who are watching the media closely are beginning to understand the story behind the headlines. It now appears the $75 million TCHC received from Toronto Hydro was never at risk. The funds that were lost in the crash of 2008 are being recouped, and it looks like TCHC will meet its $200 million investment target by 2015. The appliances from China may have saved over $550,000. Splitting purchase orders allowed TCHC to complete major repairs before the “use it or lose” it deadline for federal stimulus funding. As for the chocolates, all I can say is that most corporate executives, both public and private, understand the value of teambuilding and recognition. And a $15 year-end bonus for 60 volunteers, paid out in chocolate, seems skimpy by corporate standards.

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