IOL: Community housing firm to buy city's share: "Community housing firm to buy city's share
December 11 2006 at 10:19AM
By Anél Powell
The City of Cape Town is finalising the privatisation of the beleaguered Cape Town Community Housing Company so the company can pursue 'profit-making options' in the affordable housing market.
Dan Plato, mayoral committee member for housing, said the company was to buy the city's 50 percent share. This would allow the company to acquire parcels of land for development, without council assistance.
'We believe this is the right thing to do,' Plato said.
'Advise the company on housing issues'
'The company can now operate like a private business.'
Plato said, however, that this move was not a 'total withdrawal' from the company."