DESCRIPTION
The Ottawa Community Land Trust (OCLT) will acquire 622 Cooper Street – a large home in Ottawa’s Centretown neighbourhood – to keep this housing affordable, forever. OCLT’s mission is to work with community partners to acquire, steward, and develop land to preserve and expand affordability. This project will help three organizations grow: As buyer, OCLT will expand its portfolio of community-owned housing and manage the asset long-term. The seller, Ottawa Salus, will reinvest proceeds into its supportive housing portfolio. Upon acquisition, OCLT will lease the home to Matthew House Ottawa, which will operate it as a reception or transition house for refugees and asylum claimants. This owner-operator model reflects OCLT’s values: stewarding land for community benefit and enabling leases to mission-driven operators. The acquisition will draw on OCLT’s revolving fund, capitalized through Housing Forever Bonds. Non-repayable capital ensures affordable rents.
DETAILS
Affordability Framework
Rent as a percentage of tenant income, determined by public subsidy.
Target Completion Date
2026-06-01
Populations Served
Newcomers
Total Project Cost
$1250000
Total Units
7
Affordable Units
7
Project Funding
Funding Required
$350,000 in equity (non-repayable capital), $900,000 in debt financing.
Funds Raised
$100,000 in philanthropic capital (confirmed), debt financing (via lender and community bonds, pending)
Use of funds
Non-repayable capital is needed within the capital stack to lower overall debt servicing, enabling rent levels are both affordable to tenants (refugees) and sufficient for debt coverage (to community investors and commercial mortgage).
Human Impact Story
Matthew House provides shelter, food and refugee support in a family atmosphere so refugees may begin their journey to independence in Canada
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