Affordable Housing Merger: A CCOC First!
May 2, 2022Hannah VlaarComments 0
On December 31, 2021, CCOC welcomed 2100 Scott Street in to our portfolio. This property is a seven-story building with 104 apartments and is located in Westboro, just blocks from Westboro Beach. Until this year, 2100 Scott Street was owned by Taiga Non-Profit Housing Corporation.
A merger means resilience
CCOC and Taiga Non-Profit merged to maintain and protect affordable housing in our community. Like dozens of affordable housing providers in Ontario, Taiga Non-Profit owned and managed one property. Because they were a smaller housing provider, they had to wear many hats. Often, one staff member is responsible for renting apartments, hiring contractors, supporting the Board of Directors, responding to maintenance requests, and more!
As a medium-sized affordable housing provider, CCOC has a larger staff team with a wide range of expertise. This merger allows us to use our larger capacity to stabilize and preserve housing for low and moderate income tenants. Over time, other smaller non-profits may seek stability through mergers once their original program obligations and mortgages end.
The merger between CCOC and Taiga Non-Profit Housing Corporation is the first affordable housing merger in Ottawa. Taiga Non-profit chose to merge with CCOC because of our reputation as a great landlord, and because Taiga and CCOC actually share the same mission and values. In fact, CCOC helped Taiga get set up when they were getting established!
The merger between CCOC and Taiga Non-Profit is a positive example of a voluntary and friendly merger between two local housing providers. We hope that our experience encourages other organizations to consider using mergers to sustain the affordable housing sector.
Welcome new tenants
All of CCOC would like to extend a warm welcome to the new CCOC tenants at 2100 Scott Street. This has been a big transition for our neighbours living there, and we’re looking forward to learning more about each other in the coming years.
For more information about the CCOC-Taiga Non-Profit merger, please get in touch!