- OCLT continues its community bond campaign to raise a total of $1.72M to purchase two additional non-profit residential properties
- City to learn from and engage OCLT and other local sector partners to inform its review of acquisition and preservation strategies
OTTAWA, Ontario, July 03, 2024 (GLOBE NEWSWIRE) -- Traditional unceded territory of the Algonquin Anishinaabeg Nation, Ottawa, Ontario: The Ottawa Community Land Trust (OCLT), a non-profit social enterprise that launched its Housing Forever Bonds in May this year, with a target to raise $1.72M in investments, is proud to celebrate a significant milestone in its campaign. In little over a month, the non-profit has secured $672,500 – about 40% of its campaign target – in community investment to preserve affordable housing in Canada's capital.
With over 35 social impact investors from across Canada, the OCLT has received remarkable community support in the form of community bond investments. Community bonds are a proven social finance tool that allow individuals and organizations to invest in impactful projects, while earning a financial return.
OCLT’s Housing Forever Bonds are designed to appeal to a wide range of investors, from local Ottawa residents to businesses, organizations and foundations across Canada, with investment minimums as low as $1,000 and interest rates up to 4.5%.
Mike Bulthuis, Executive Director at Ottawa Community Land Trust, emphasizes the significance of this milestone: "The investment we’ve received is a testament to the power of community-driven solutions in addressing the housing crisis. It not only supports our current projects but lays a solid foundation for growth."
This milestone represents a critical step forward in the OCLT’s work to address Ottawa's pressing housing challenges. By securing these funds, the land trust will refinance its inaugural acquisition at 887 Kirkwood Avenue, ensuring long-term affordability and sustainability of this community asset. Additionally, a portion of the capital will be utilized towards the purchase of its second building through its revolving fund.
The OCLT’s revolving fund was established with the goal of acquiring two additional multi-unit residential properties by the end of 2024 - preserving them under community ownership. This expansion is poised to substantially increase non-profit ownership of housing in Ottawa, ensuring much-needed affordable options remain - in perpetuity - amidst a backdrop of diminishing affordable housing units.
With Ottawa losing 31 affordable rental housing units for every affordable rental housing unit built, the City Council has directed the City of Ottawa to assess the merits of an affordable housing acquisition / preservation fund. As part of this, the OCLT has been identified as a local sector partner for the City to connect, observe and learn from local experience in acquisitions. The OCLT’s revolving fund is a key demonstration of how organizations and the government can blend capital and leverage new sources of funding such as community finance to preserve affordable housing.
“We look forward to continued meaningful dialogue with the City to inform a community strategy to support the acquisition and preservation of affordable housing in Ottawa. From our work, we see that the community is a willing partner, one that is keen to bring its own capital forward to address these housing challenges”, Bulthuis added.
OCLT’s bond campaign is executed under the administration of Tapestry Community Capital, a community investment and social finance leader that has successfully worked with organizations to raise over $110 million in community bonds.
As OCLT nears its target of $1.72M, the land trust is inviting values-aligned investors, everyday-residents and businesses to get involved today. Investors can learn more about the Housing Forever Bonds and explore investment opportunities by visiting https://www.oclt.ca/invest/
About The Ottawa Community Land Trust:
Incorporated in 2021, the Ottawa Community Land Trust is a non-profit social enterprise, with a vision to make and keep affordable housing available to anyone who needs it in the capital of Canada. OCLT pursues innovative ways of preserving housing affordability - forever. Core to our mandate is the acquisition of existing rental properties - to be turned into community-owned affordable housing - by blending community impact investment, philanthropy and public dollars.
Media contact:
Yulu PR
tapestry@yulupr.com
778-955-0448
