College ward Coun. Laine Johnson makes a point during a city council meeting in Ottawa on May 10, 2023
The City of Ottawa won’t be creating a pot of money to buy at-risk affordable housing any time soon, citing the danger of losing federal and provincial funding by shifting away from construction.The City of Ottawa won't be creating a pot of money to buy at-risk affordable housing any time soon, citing the danger of losing federal and provincial funding by shifting away from construction.
Her motion would have seen half of any money the city gets from the vacant unit tax — beyond what's forecast in the budget — go toward preserving existing affordable housing stock. An acquisition fund is a "dedicated pool of capital" that can either fund a direct purchase, or finance a low-cost loan or grant to housing providers, she wrote.While Stewart said the funds can strengthen the community housing sector, she cautioned that market competition for units in high-demand areas can jack up the purchase price. Older units also come with high repair costs, she said.
A spokesperson said there should be more details on the fund's design and rollout "in the coming months.""If we're waiting for the federal government, who knows what federal government we will have," said Capital ward Coun. Shawn Menard, who is not on the committee.Johnson said the current plans show a "lack of creativity."
"When we lose those units, we're not replacing them at a pace that keeps up with what's needed," said Meg McCallum, interim executive director of the non-profit coalition. "Let's just not lose what we already have."Stewart said Wednesday's decision doesn't mean the city will never create an acquisitions fund, nor that non-profits with plans to purchase a property can't get help now.
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