Apr 24th, 2019
NEWS RELEASE: Ottawa City Council Approves OCHC Mortgage Refinancing
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Tuesday, April 24th, 2019 (OTTAWA, ON) – Ottawa Community Housing Corporation (OCHC) thanks Ottawa City Council for approving a mortgage refinancing plan for the corporation that will facilitate sustained investment in building repairs. This plan will allow OCHC to refinance four mortgages in 2019, generating approximately $15.2 million, and it will also allow for seven others to be refinanced in 2020 and 2021, which are estimated to generate $20.4 million.
As the city’s largest affordable housing provider, OCHC manages nearly 15,000 homes and more than $2.5 billion in assets. Given the size of the portfolio, and with the average age of its properties sitting at more than 48 years, addressing deferred maintenance needs is a priority for the organization. Since 2010, OCHC has worked with the City of Ottawa and Infrastructure Ontario to refinance 44 mortgages, generating more than $133 million for building repairs.
OCHC proactively reviews and plans for its projected repair needs over the long-term, and has implemented strategies to sustain operations, address current capital needs, and support the future development of affordable housing. Leveraging equity from existing assets will allow OCHC to provide safe, affordable, and more energy efficient housing for our city. These steps are a key part of OCHC’s commitment to delivering quality services to every tenant and every home.
“The City of Ottawa is pleased to support Ottawa Community Housing’s refinancing of several mortgages that will enable the repair and retrofit of OCHC buildings. By leveraging equity from existing assets, Ottawa Community Housing will be able to provide its residents with safe, affordable and more energy efficient social housing.”
-Mayor Jim Watson, City of Ottawa
“The OCHC Board is proud to have adopted a Portfolio Management Framework that serves as a roadmap to managing current assets responsibly and for growing our portfolio. By supporting sound financial investments into building repairs, City Council is helping OCHC achieve its strategic goals while making our communities safer for all tenants.”
-Councillor Mathieu Fleury, Chair of the OCHC Board of Directors
“We thank the Mayor and Councillors for their support as OCHC works to leverage its assets so that it can continue to deliver quality services to every tenant and every home.”
-Stéphane Giguère, Chief Executive Officer for OCHC
- The refinancing will generate an estimated $35.6 million over the 2019-2021 period:
- Four mortgages refinanced in 2019 for an estimated $15.2 million in revenue
- An additional seven mortgages to be refinanced in 2020 and 2021, estimated to generate $20.4 million in revenue.
- Mortgage refinancing of 44 properties since 2010 has generated over $133 million in revenue.
- OCHC manages 15,000 homes and more than $2.5 billion in assets.
- The average age of OCHC properties is more than 40 years.
- OCHC is Ottawa’s largest affordable housing provider.
OCHC maintains nearly 15,000 homes to approximately 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 and affordable 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 for the second consecutive year in 2019.
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