Ontario Construction News staff writer
The City of Ottawa’s Community Services Committee has approved a plan to refinance mortgages on five Ottawa Community Housing Corporation (OCHC) properties, a move that will unlock approximately $133 million for much-needed capital repairs across the city’s public housing portfolio. The plan, which will be considered by the City Council on Oct. 8, is designed to be revenue-neutral for the city.
The refinancing, set to take place between 2026 and 2028, will address urgent repairs and support energy efficiency improvements for OCHC’s aging housing stock. OCHC is the city’s largest non-profit housing provider, managing about two-thirds of the total social housing stock.
The portfolio provides homes for approximately 32,000 tenants, including seniors and families fleeing domestic violence.
To service the new debt, OCHC will redirect up to $6 million annually from the existing operating subsidy it receives from the city for its capital reserve fund. This approach avoids any additional cost to taxpayers.
“The most efficient, effective, and timely way to provide affordable housing to these and all residents of Ottawa is to preserve and maintain the existing social housing stock,” states a city report on the matter.
The five properties to be refinanced are:
- Clementine and Donald in 2026 for an estimated $28 million each.
- Golden Manor for $26 million and Charlotte for $24 million in 2027.
- Hampton Court in 2028 for an estimated $27 million.
This initiative will help the city maintain its commitment to providing 16,502 rent-geared-to-income housing units, over 12,000 of which are managed by OCHH. The funds generated will be directed towards priority repairs at OCHC’s discretion, and the corporation will report on the use of these funds as part of its annual information return to the city’s Housing Services. This is not the first time the city has approved such a measure, with six previous refinancing initiatives since 2012 having already generated approximately $217 million for capital repairs.