Community Land Trust acquires third property for affordable housing
Non-profit purchases 31-unit building on Coronation Ave. with $1.2M in bond funds, plans modest expansion.
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The Ottawa Community Land Trust announced Tuesday that it has purchased a low-rise apartment building at 700 Coronation Ave., acquiring 31 existing rental units and adjacent parking lot to keep homes affordable as the city loses affordable stock at an alarming rate.
The purchase was made possible through lender financing and $1.2 million raised from Housing Forever Bonds—a local investment tool allowing Ottawans and businesses to purchase bonds starting at $1,000 with terms of three to seven years.
OCLT plans to pursue a modest development with additional affordable units on the parking lot in coming years, though no timeline has been set. The organization says Ottawa is losing 31 affordable homes for every one built, with 30,215 private rental units renting below $1,000 per month disappearing between 2011 and 2021. The city's 10-year housing plan called for 5,700 to 8,500 new affordable homes by 2029; only 804 had been built by year five.
"Every investment is a direct contribution to a city where people can afford to stay," OCLT chair Hilary McVey said in a statement. Since launching bond campaigns in 2024, the organization has attracted $4.465 million from 190 investors. Through a joint campaign with Centretown Citizens Ottawa Corp., OCLT intends to raise $10 million to preserve 200 rental units within five years.