The Ottawa Community Land Trust has acquired a third property in its bid to help keep multiple rental units affordable.
On Tuesday, the non-profit announced it had purchased a low-rise apartment building at 700 Coronation Ave. with the help of lender financing and $1.2 million in community bond funds.
The building is currently home to 31 households.
“At a time when housing affordability remains one of the most pressing issues facing our city, this acquisition represents a meaningful investment in keeping homes affordable for residents,” Alta Vista Coun. Marty Carr said in a press release. “By bringing this property into non-profit ownership, the Ottawa Community Land Trust is helping to protect existing affordable housing and reduce the risk of displacement for tenants.”
The property includes the existing residential building and adjacent parking lot. OCLT said it plans to pursue a modest development with more affordable units on the parking lot in the coming years, though a timeline has not been set.
The organization uses a unique investment model to purchase these kinds of properties. Its Housing Forever Bonds are available for local residents, organizations and businesses to purchase, allowing the organization to raise the capital needed to acquire multi-unit properties.
OCLT’s community bonds start at $1,000 with no maximum, with a term of three to seven years. Investors receive interest, either as an annual interest payment on their principal, or one large balloon payment at the end of the term.
“Our bondholders are Ottawans who believe the community should have a stake in keeping housing affordable,” chair Hilary McVey said in the release. “Every investment is a direct contribution to a city where people can afford to stay.”
According to the release, Ottawa is losing 31 affordable homes for every one built. Between 2011 and 2021, it said Ottawa lost 30,215 private rental units renting below $1,000 per month. It added that the city’s 10-year housing and homelessness plan called for 5,700 to 8,500 new affordable homes by 2029, but only 804 were built in the first five years.
Since the launch of its bond campaigns in 2024, OCLT said it has attracted 217 individual investments from 190 investors, raising $4,465,000. The average investment is $20,600.
Through a joint campaign with Centretown Citizens Ottawa Corporation, OCLT said it intends to raise $10 million to preserve 200 rental units within five years.
