Committee unlocks $133 million for public housing repairs through mortgage refinancing
The Community Services Committee today approved a plan to refinance mortgages↗ on five Ottawa Community Housing Corporation (OCHC) properties between 2026 and 2028. This will generate approximately $133 million in funding for much needed capital repairs across the public housing portfolio.
It will also support energy efficiency improvements and help ensure long-term sustainability of public housing. The refinancing is revenue-neutral for the City, as up to $6 million annually from the existing operating subsidy will be redirected to service the loan, without requiring additional taxpayer funding.
Ottawa’s social housing stock is a valuable public asset and preserving it is critical in the current housing crisis. This move helps ensure deeply affordable housing remains viable and well-maintained for low-income residents, while using existing investments to fund needed repairs.
The refinancing supports the City’s commitment to maintain 16,502 units of rent-geared-to-income housing, with OCHC providing more than 12,000 of those units.
City Council will consider the recommendations from today’s meeting on Wednesday, October 8.
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