Jan 23rd, 2020
NEW RELEASE: OCH Board of Directors Approves 2020 Budget
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(OTTAWA, ON) January 23, 2020 – At its meeting tonight, the Ottawa Community Housing Corporation Board of Directors approved its 2020 Budget. It includes significant investments in portfolio renewal and the construction of more affordable homes. Budgeted expenses for 2020 are estimated at $187.6 million.
It is projected that 50% of OCH’s 2020 budgeted revenue will be generated by rental income from tenants, while 45% will be provided through the City of Ottawa from subsidies, rent supplement agreements, and other grants such as the Canada-Ontario Community Housing Initiative (COCHI) and Social Housing Apartment Improvement Program (SHAIP). The remaining 5% of revenues will come from other sources, including laundry, parking, and rooftop antenna rentals.
OCH continues to deliver quality services to every tenant and every home, which is why we are investing significantly in Building Operations. This includes $24.8 million in operational building maintenance and repairs and an additional capital investment envelope of $57.5 million.
We are also innovating to meet Ottawa’s housing needs and are increasing our focus on the development of new affordable housing. In 2020, we will have 152 new homes under construction and an additional 750+ affordable homes in pre-development stages (i.e.: design, financing, and approvals). That equals an investment of $34.5 million in construction costs for new builds this year. We will also spend $5.6 million through the Community Reinvestment Fund on other expenses towards future development.
The corporation’s Operating Fund will carry a small surplus of $107,000 into 2021.
“OCH’s 2020 Budget continues to put tenants first, while we also develop innovative projects for new affordable homes, such as at 811 Gladstone Avenue. OCH 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 OCH Board of Directors
“This budget shows that we remain focused on innovating, adapting, and building to meet the housing needs of our city. We also renew our commitment to nurturing safe, healthy, and inclusive communities.”
Stéphane Giguère, Chief Executive Officer of OCH
- Total 2020 budget expenses are estimated at $187.6 million, including
- $57.5 million in capital investment initiatives
- $24.8 million in operational building maintenance (day-to day repairs/maintenance to current buildings)
- $1.5 million in Green Fund expenses
- $34.5 million investment towards new affordable housing construction – 152 new homes