diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8eb34017..629608b5 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,12 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.0.1-alpha.3 (2020-04-27)
+
+This alpha release contains a [bug fix](https://github.com/fluxcd/source-controller/pull/42)
+for `GitRepositories` status reporting and allows
+[waiting for sources on-demand sync](https://github.com/fluxcd/source-controller/pull/43).
+
 ## 0.0.1-alpha.2 (2020-04-24)
 
 This is the second alpha release of source controller.
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 097ee1ec..1d4748ca 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v0.0.1-alpha.2
+  newTag: v0.0.1-alpha.3