The Planning and Housing Committee today approved its portion of Draft Budget 2025(link is external), which includes $88.2 million in operating funding and $34.4 million in capital funding.
The City will invest the bulk of that capital, $22.9 million, to develop more affordable and supportive housing for residents in greatest need. With additional funding from recent enhancements to the Vacant Unit Tax program, the City’s capital investment in new affordable and supportive housing for 2025 has been adjusted to $22.9 million from an initial investment of $18.9 million.
The aim is to grow that annual investment each year, resulting in anticipated investments from $138.3 million to potentially up to $162.7 million over the next six years. The City’s contribution to housing capital is intended to leverage federal and provincial investments as well, resulting in the creation of at least 500 new supportive and affordable housing units per year.
Other capital investments approved today include $3 million to fund an Official Plan update that will start in 2025, $7.5 million to purchase and implement new Land Management Solution software, and $900,000 to complete the new Zoning By-law(link is external) for Ottawa.
While Council will consider the budget report on Wednesday December 11, other items from today’s meeting will rise to Council on Wednesday, November 27.
