WHEREAS, as highlighted in the Loss of Affordable Rental Housing Report received by the Planning and Housing Committee on March 27, 2024, the City of Ottawa is losing 31 affordable rental housing units for every affordable rental housing unit being built (based on a $1,000.00/month or less in rent); and
WHEREAS the federal government is expected to announce within the upcoming federal budget a national acquisition fund to assist in housing affordability; and
WHEREAS the City of Ottawa in 2021 approved its first Long Range Financial Plan for Affordable Housing (LRFP) to plan and leverage any provincial and federal funds and “stack” suitable funds and grants from other levels of government or through partnerships, with City of Ottawa fund towards the building or acquisition of affordable housing.
WHEREAS staff in Community and Social Services, working with staff in Finance and Corporate Services, is currently refreshing the LRFP for Council consideration and approval in Q2 2024;
THEREFORE BE IT RESOLVED that the Planning and Housing Committee recommend Council direct staff to:
- assess the merits of a city of Ottawa Acquisition/Preservation fund and/or strategy inclusive of a fund dedicated to acquiring affordable housing, and/or land that would be acquired/preserved for building affordable housing;
- evaluate the merits of such a fund and/or strategy, similar to the City of Toronto’s Multi-Residential Acquisition Fund (MURA) and the City of Hamilton’s Affordable Housing Funding (AHFP) Program; and
- report back to the appropriate Standing Committee of Council with the findings of this assessment.