Jan 21st, 2021
OCHC Board of Directors Approves 2021 Budget
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(OTTAWA, ON) January 21, 2021 – At its first meeting of the year, the Ottawa Community Housing Corporation Board of Directors approved OCHC’s 2021 Budget. This budget highlights how, despite financial pressures brought on by COVID-19, OCHC will continue to deliver tenant-focused services through a combination of cost and expense management measures and funding from all levels of government. The budget also includes significant investments in portfolio renewal and the construction of more affordable homes. Budgeted expenses for 2021 are estimated at $192.3 million.
It is projected that 53 percent of OCHC’s 2021 budgeted revenue will be generated by rental income from tenants, while 42 percent will be provided through the City of Ottawa in the form of subsidies and grants. The remaining five percent of revenues will come from other sources, including laundry and parking. OCHC is taking an innovative approach to pandemic-related financial pressures and will be using a combination of cost management measures and funding from different levels of government.
OCHC continues to deliver quality services to every tenant and every home, which is why OCHC is investing significantly in Building Operations. These investments include $25.5 million in operational building maintenance and repairs and capital investments of $56.6 million.
OCHC continues to innovate to meet Ottawa’s housing needs and increase focus on the development of new affordable housing. In 2021, OCHC will add 140 new homes to its portfolio. OCHC is also beginning multi-year developments that will add over 760 additional homes to the OCHC portfolio with an investment of $40.8 million in construction costs for new builds.
The corporation has a balanced Operation Fund for 2021.
About Ottawa Community Housing Corporation
OCHC provides approximately 15,000 homes to about 32,000 tenants, including seniors, parents, children, couples, singles and persons with special needs, within many communities across the City of Ottawa. OCHC houses a diverse population of varying languages, ethnicity and cultures. OCHC is the largest social housing provider in Ottawa, managing two-thirds of the City’s social housing portfolio, and is the second-largest in Ontario. OCHC was selected as one of the National Capital Region’s Top Employers in 2018, 2019 and 2020.
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OCHC’s 2021 Budget continues to put tenants first while pivoting during the current times of uncertainty. We continue to develop innovative projects for new affordable homes, such as the development of 811 Gladstone Avenue, which will add 140 new homes this year. OCHC continues to demonstrate bold leadership and vision in building new affordable homes on behalf of the City of Ottawa.
Councillor Mathieu Fleury, Chair of the OCHC Board of Directors
This budget shows that even in unprecedented times, we remain focused on innovating to meet both the needs of tenants and the needs of the city. We continue to renew our commitment to nurturing safe, healthy, and inclusive communities.
Stéphane Giguère, Chief Executive Officer of OCHC
- Total 2021 budget expenses are estimated at $192.3 million, including
- $56.6 million in capital investment initiatives
- $25.5 million in operational building maintenance (day-to-day repairs and maintenance to current buildings, including increased cleaning due to the pandemic)
- $1.2 million for the Green Fund
- $40.8 million investment towards new affordable housing construction
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