Jan 26th, 2024
NEWS RELEASE: OCH Board Approves 2024 Budget
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(OTTAWA, ON) January 26, 2024 – During its first meeting of the year, the Ottawa Community Housing Board of Directors approved the 2024 budget.
This strategic financial blueprint not only navigates the challenges posed by ongoing economic uncertainties and inflation but also paves the way for substantial investments aimed at building and preserving a greater number of affordable homes in Ottawa. As the city continues to confront the pressing need for affordable housing, OCH renews its unwavering commitment to providing tenant-focused services and equitable housing solutions.
Revenue Sources
It is projected that 55 percent of OCH’s 2024 budgeted revenue will be generated by rental income from tenants, while 41 percent will be provided through the City of Ottawa in the form of subsidies and grants. The remaining 4 percent of revenue will come from laundry, commercial space rental, and parking. Budgeted expenses for 2024 are estimated at $226.4 million.
Affordable Housing Development
The approved budget outlines a financial plan encompassing various initiatives geared toward fostering sustainable growth. Consistent with the OCH 10-Year Development Plan, the 2024 Budget supports continuing development of new affordable homes. By the end of 2024, OCH expects to have finished construction and occupancy of 322 new homes and continue the construction of 609 new homes, including Gladstone Village and the second phase of Mosaïq Ottawa.
Maintenance and Sustainability
Budget 2024 reinforces OCH’s dedication to preserving and sustaining its current housing portfolio through multiyear maintenance and renewal programs. This includes the mechanical and electrical system repair & renewal program, Project Guardian, the fire and safety system renewal program, the window replacement program, structural repairs, elevator modernization, the roofing program and accessibility upgrades.
Quotes
“OCH’s 2024 Budget puts tenants first while mitigating the ongoing financial pressures associated with the challenging economic environment. By supporting tenants, renewing our communities and developing innovative projects and opportunities to build and preserve affordable homes across the City of Ottawa, OCH continues to inspire and demonstrate the bold leadership and vision needed.”
Councillor Theresa Kavanagh, Chair of the OCH Board of Directors
“With Ottawa Community Housing’s 2024 Budget, OCH remains committed to delivering tenant-focused services and building and preserving affordable homes in Ottawa. Our strategic financial plan reflects our financial diligence and dedication to sustainable growth, highlighting key initiatives such as developing new homes, ongoing maintenance programs, and crucial tenant support. We appreciate the leadership of the Mayor, City Councillors and the ongoing partnership with the City of Ottawa and community stakeholders as we work together to create a positive impact and lasting change.”
Stéphane Giguère, CEO of Ottawa Community Housing
Quick Facts:
- Total 2024 budget expenses are estimated at $226.4 million
- $63.7 million investment towards new affordable housing construction
The 2024 total capital budget is estimated at $70 million. This includes multi-year capital investments in the following multi-year capital works projects:
- $10M for Mechanical and Electrical System Repair & Renewal Program
- $6M for the Project Guardian
- $4M for the Site Renewal Program
- $3M for the Fire Safety System Renewal Program
- $2.7M for the Windows Replacement Program
- $2.4M for the Elevator Modernization Program
- $2M for the Cladding Repair and Renewal Program
- $2M for the Structural Repair Program
- $1.8M for Welcome Home Program
- $1.6M for the Roofing Program
- $0.5M for Accessibility Upgrades
Resources:
About OCH:
Ottawa Community Housing offers approximately 15,000 homes to about 32,000 tenants, including seniors, families, individuals, and people with disabilities. These homes are located in various communities throughout the City of Ottawa and house a diverse population with different languages, cultures, and ethnicities. OCH is Ottawa’s primary community housing provider, managing two-thirds of the city’s housing portfolio and ranking as the second largest in Ontario. In 2023, OCH earned recognition for the sixth consecutive year as one of the National Capital Region’s Top Employers.
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Media Contact:
Esther Njuguna
Media Relations Specialist
343-961-4035
media@och.ca