WHEREAS existing capital resources within the City of Ottawa’s affordable housing budget envelopes are focused on the delivery of new affordable housing development, and
WHEREAS affordable housing asset preservation is a stated objective within the community’s 10 Year 2020-2030 Housing and Homelessness Plan, and
WHEREAS the acquisition of existing affordable housing assets, and their subsequent transfer to non-market operators, can both prevent evictions among at-risk tenants and secure affordability in perpetuity within the community-owned housing stock, and
WHEREAS the Director of Housing Services already has delegated authority to execute acquisitions and already does so on a case-by-case basis;
WHEREAS a federal acquisition fund, following from a federal Budget 2024 announcement, may be forthcoming, and
WHEREAS funding may flow more quickly to jurisdictions that demonstrate readiness, and
WHEREAS the current projection for revenues from the Vacant Unit Tax in 2025 is $12.9 million, but could be higher given the revenue earned in earlier years,
THEREFORE BE IT RESOLVED that to maximize readiness and expedite the disbursement of any new acquisitions funding, that 50% of revenue from the Vacant Unit Tax above that forecast in the Long Range Financial Plan for Housing be allocated to an affordable housing Acquisition Fund.