The federal government is investing over $130 million for the construction of two multi-residential buildings comprising of 420 units, located at 495 Talbot St and 110 Fullarton St in London.
“Through the National Housing Strategy, our Government is increasing the number of rental units for Canadians. These investments also create good jobs and grow the local economy. They are making a big difference in building a more sustainable future through more energy-efficient and affordable homes. Today’s investment is wonderful news for residents of London, who will soon have new safe and affordable rental housing units,” said the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation.
Developed by Old Oak Properties Inc., this project is receiving funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families.
Of these new units, 110 have rents lower than 30 per cent of median household income in London while 84 units will have rents that fall at or below 70 per cent of the 30 per cent median income in the area.
The project is designed to achieve reduction in energy use of 25.2 per cent and in greenhouse gases of 38.5 per cent relative to the 2015 NECB.
“There is likely no issue more pressing, no issue more important in London right now than that of affordable housing. Nearly 5,000 Londoners are on the waitlist as demand continues to rise. We are committed to solving this challenge, but no municipality can do it alone,” said Ed Holder, Mayor, City of London. “That is why partnerships such as this mean so much. The commitment shown by the federal government and Old Oak Properties Inc. is significant, and worthy of substantial recognition. This will make a meaningful difference in the lives of a great many Londoners for years to come.”