Jan 21st, 2022
OCHC Board of Directors Approves 2022 Budget
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(OTTAWA, ON) January 21, 2022 – At its first meeting of the year, the Ottawa Community Housing Corporation Board of Directors approved OCHC’s 2022 Budget. This budget supports significant on-going investments in renewing its portfolio and building more affordable homes for our city. Although there are ongoing financial and operational challenges presented by the COVID-19 pandemic, the 2022 Budget allows OCHC to continue to deliver tenant-focused services. Budgeted expenses for 2022 are estimated at $197.3 million.
It is projected that 52 percent of OCHC’s 2022 budgeted revenue will be generated by rental income from tenants, while 43 percent will be provided through the City of Ottawa in the form of subsidies and grants. The remaining 5 percent of revenue will come from other sources, including laundry, commercial space rental, and parking. To mitigate the impact of the financial pressures associated with the continuing COVID-19 pandemic, OCHC will utilize $1.5 million from the COVID & Stabilization Reserve Fund.
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 $26.3 million in operational building maintenance and repairs and capital investments of $55.9 million.
OCHC continues to innovate to meet Ottawa’s housing needs and increase the focus on the development of new affordable housing. Budget 2022 allows OCHC to continue to develop over 900 high quality, affordable homes that are under design or construction on Mikinak Road in Wateridge, Rochester Heights Phase II, Gladstone Village, and Jockvale Road.
The corporation has presented a balanced budget for 2022.
OCHC’s 2022 Budget puts tenants first while mitigating the on-going financial pressures caused by the COVID-19 pandemic. OCHC continues to inspire and demonstrate bold leadership and vision by supporting tenants, renewing our communities and developing innovative projects for new affordable homes across the City of Ottawa.
Councillor Mathieu Fleury, Chair of the OCHC Board of Directors
With our 2022 Budget, OCHC is signaling that we are continuing the provision of quality sustainable homes and essential services to tenants. Even in trying times, we remain focused on innovating to meet both the needs of tenants and the needs of our city, through the continuation of the development of 911 new, affordable and quality homes that are under design or construction. We also continue to renew our commitment to nurturing safe, healthy, and inclusive communities.
Stéphane Giguère, Chief Executive Officer of OCHC
- Total 2022 budget expenses are estimated at $197.3 million, including:
- $55.9 million in capital investment initiatives
- $3.2 million for Mechanical and Electrical System Repair & Renewal Program
- $2.5 million for the Roofing Program
- $2.4 million for the Fire Safety System Renewal Program
- $26.3 million in operational building maintenance (day-to-day repairs and maintenance to current buildings, including increased cleaning due to the pandemic)
- $1 million for the Green Fund
- $105 million investment towards new affordable housing construction
Ottawa Community Housing provides approximately 15,000 homes to about 32,000 tenants, including seniors, parents, children, couples, singles and persons with disabilities, within many communities across the City of Ottawa. OCHC houses a diverse population of varying languages, ethnicities and cultures. OCHC is the largest community housing provider in Ottawa, managing two-thirds of the City’s community housing portfolio, and is the second largest in Ontario.
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