Options for Homes and Home Ownership Alternatives join forces to build more homes for Canadians
TORONTO, Dec. 21, 2023 /CNW/ - In Canada's dynamic housing landscape, where affordability and housing continue to be the leading issues for Canadians, non-profit real estate developer Options for Homes (OFH) and non-profit financing corporation Home Ownership Alternatives (HOA), have agreed to unite under the same leadership.
OFH and HOA have worked in conjunction for over 30 years, championing attainable housing in Ontario. Together, they are committed to building more homes by increasing the supply of high-quality attainable housing suites on the market.
The agreement between OFH and HOA is the result of a collaborative multi-month process between the companies' respective executive teams and board members to determine how both organizations can make homeownership attainable in today's challenging housing market. Daniel Ger, CEO of HOA, served as Options for Homes' Chief Development Officer prior to joining HOA. Going forward, Ger will take over leadership of OFH pursuant to a management services agreement, to help align and realize their joint missions.
"While Options for Homes and Home Ownership Alternatives have worked in tandem to champion attainable housing for nearly 30 years, we have determined the best way to address the ongoing housing crisis is to bring our two organizations together under this agreement," Ger said. "This will allow us to develop, deliver, and expand attainable homes in our pipeline more nimbly and efficiently. I'm incredibly thankful for the hard work of the Options for Homes team, which has resulted in the highest number of new home ownership units delivered by any non-for-profit developer in the Greater Toronto Area."
After nine years, Heather Tremain has decided to step down as Options for Homes' Chief Executive Officer. "I believe Options is ready for an evolution and this is the next logical step for these organizations," said Tremain. "I couldn't be prouder of the work we have accomplished in the past decade and I'm confident these changes will allow OFH and HOA to operate even more effectively while building on the team's track record."
"By uniting our efforts, we are not just streamlining operations but also reaffirming our commitment to addressing the affordable housing needs in our communities. Under new management, we are poised to leverage the combined expertise and resources of both the organizations to amplify our impact" said Elaine Crossland, Board Chair and Director, HOA.
The vision of OFH and HOA extends beyond simply constructing houses. It's about building dynamic, vibrant communities and providing more Canadian families with affordable, quality homes. This announcement marks a commitment to explore new partnerships with community stakeholders and government bodies, fostering a collaborative effort to develop and protect attainable housing.
Founded in 1994, Home Ownership Alternatives (HOA) is a social impact fund devoted to investing in affordable and attainable housing developments across Canada. As a non-profit entity, HOA is pivotal in facilitating home ownership for moderate-income households. Central to its mission is providing down payment loans, a unique approach empowering those who might otherwise face barriers to owning a home. HOA's comprehensive strategy includes funding the upfront capital for land acquisition, rezoning and the pre-construction phases of a development as well as guarantees for Tarion and construction financing. Additionally, the organization actively supports the development of housing policies and programs that align with its vision of inclusive, attainable housing. Through these efforts, HOA has been instrumental in helping over 4,000 families become homeowners, showcasing its enduring dedication to creating impactful housing solutions.
Options for Homes (OFH) is Canada's largest non-profit developer of attainable ownership condominiums with the sole mission of making homeownership more affordable. Operating since 1994, Options has built over 3,300 homes in the Greater Toronto Area helping bridge the gap to homeownership by providing access to down payment support. Options currently has 2,500 homes in its pipeline.
SOURCE Home Ownership Alternatives
Vaibhav Joshi, [email protected]; Marnie Myszko, [email protected]
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