Jan 19th, 2023
OCHC Board of Directors Approves 2023 Budget
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(OTTAWA, ON) January 20, 2023 – At its first meeting of the year, the Ottawa Community Housing Corporation’s Board of Directors approved OCHC’s 2023 Budget. This budget supports significant ongoing investments in renewing its portfolio and building more affordable homes for our city. Although there are ongoing financial challenges brought on by the current uncertain economic environment, the 2023 Budget allows OCHC to continue to deliver tenant-focused services and strategic projects. Budgeted expenses for 2023 are estimated at $201.9 million.
It is projected that 56 percent of OCHC’s 2023 budgeted revenue will be generated by rental income from tenants, while 39 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 current economic climate, OCHC will utilize $0.4 million from Stabilization Funds.
We continue to deliver quality services to every tenant and every home, which is why OCHC is investing significantly in building operations. These investments include $28.3 million in operational building maintenance and repairs and capital investments of $54.9 million across the portfolio.
OCHC is innovating to meet Ottawa’s housing needs and increase the focus on the development of new affordable housing across the city. Budget 2023 allows OCHC to continue to develop over 930 high-quality, affordable homes that are under design or construction, including on Mikinak Road in Wateridge Village, Rochester Heights Phase II, Gladstone Village, and Jockvale Road.
The corporation has presented a budget for 2023 that maintains a small surplus.
“OCHC’s 2023 Budget puts tenants first while mitigating the ongoing financial pressures associated with the current challenging economic environment. 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 Theresa Kavanagh, Chair of the OCHC Board of Directors
“With our 2023 Budget, OCHC is signaling that we are continuing the provision of quality sustainable homes and essential services to all tenants. Even in uncertain economic 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 over 930 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 2023 budget expenses are estimated at $201.9 million
- $118.2 million investment toward new affordable housing construction
- $54.9 million in capital investment initiatives
- $28.3 million in operational building maintenance (day-to-day repairs and maintenance)
- $10 million for the Mechanical and Electrical System Repair & Renewal Program
- $3.3 million for the Roofing Program
- $2.8 million for the Fire Safety System Renewal Program
- $2.4 million for the Green Fund initiatives
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 social housing portfolio, and is the second largest in Ontario.