The Housing Forever Bonds campaign launched in May 2024 with a goal of $1.7 million. Seven months later, Ottawa has invested $3 million.
Wow, Ottawa. You have truly rallied around the vision of keeping housing affordable! When the Ottawa Community Land Trust (OCLT) launched the Housing Forever Bonds campaign back in May 2024 with a goal of $1.7 million, we had no idea that just seven months later we would reach a revised goal of $3.0 million! (We raised the goal by $1.3 million in September after meeting the original goal in only a few months). Yet this is where we are: by early December, $3.0 million in community investment has been made in OCLT’s community bonds, closing this first campaign.
We want to extend our deepest gratitude to the individuals and organizations who made the investment in keeping housing affordable forever. Ottawa (and Canada at large) faces a dire housing crisis. Together, you are demonstrating that by investing community capital within this community, we can together play an active role in the protection and preservation of affordable housing in our city. In total, 132 unique investors – Individual households, small businesses, non-profit organizations, housing co-ops, family foundations – have chosen to invest in Housing Forever Bonds. We are utilizing our community’s wealth – and investing that within our community, for the community.
The power of community
We’ve got this. The Ottawa community has stepped up and shown their commitment to the protection of affordable housing.
Governments at all levels are supporting programs to develop new housing; yet, few initiatives are sufficiently addressing the loss of existing affordable housing. From 2011-2021, Canada lost 10 affordable homes for every new one created; in Ottawa, 31 apartments that had rented for $1000 or less have been lost for each new affordable home constructed. Renovictions, short-term rentals, and private investors have all played a part in diminishing the supply of affordable housing.
Additional resources are needed to address the housing crisis. The success of the Housing Forever Bond campaign demonstrates one path forward, showing the powerful and swift impact of pooling our efforts to address the issue. The pace at which you pushed us towards the campaign goal speaks volumes about the depth of the community’s concern and a desire to see immediate progress. It also serves as a remarkable testament to what we can achieve when we work together.
The impact of $3 million in community bond investment
Getting the keys to our second property, The Brant, located in Vanier.
With the $3 million in community bonds that have been raised, OCLT has been able to acquire two residential properties – a six-unit apartment building at 887 Kirkwood Avenue and a 10-unit building at 366 Brant Street. In addition, we are in advanced discussions to purchase a third property – in close collaboration with an experienced Ottawa affordable housing operator that needs more units to meet tenant needs (more on that in near future!). While we continue to do due diligence, the success of this bond campaign has removed a key financial barrier – access to capital.
As a new organization, the investments made by the community have offered the OCLT a strong foundation, and enabled us to hit the ground running. We are determined to keep housing affordable forever in Ottawa, and we couldn’t do it without your support. You’ve shown how much you believe in the cause. Working together, we’re off to a strong start!
Will there be another community bond campaign?
Sales of Housing Forever Bonds have closed for the time being, but we look forward to launching another campaign in 2025. Until then, we invite you to stay connected! If you didn’t get the chance to invest this go-round – or hope to invest again – you can sign up to stay notified of the next campaign.