The federal government has announced a $130-million investment in affordable housing in downtown London.
The investment will help build two residential buildings at 495 Talbot St. and 110 Fullarton St. that will add 420 units, just over a quarter of which will be geared towards affordable housing.
Social Development Minister Ahmed Hussen told Global News Radio 980 CFPL that “110 of them will be, at the very minimum, less than 30 per cent of rent paid by the median household income in the area.”
“The remaining 310 units will be mixed units,” he said. “Some will pay full market rate for rent, some will pay just below that, some will pay a little bit more below that.”
Currently, there are nearly 5,000 Londoners on the waitlist for affordable housing.
“There is likely no issue more pressing, no issue more important in London right now than that of affordable housing,” said London Mayor Ed Holder.
“We are committed to solving this challenge but no municipality can do it alone. That is why partnerships like this mean so much.”
The project is being developed by Old Oak Properties Inc. and is receiving funding through the Canada Mortgage and Housing Corporation’s (CMHC) Rental Construction Financing Initiative, which supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families struggling in expensive housing markets.
“Old Oak is grateful that Canada Mortgage and Housing Corporation is providing a loan for this exciting new project. Named Centro, this will be a landmark development for both London and Old Oak,” Old Oak’s CFO Jeff Martin said in a statement.
“Standing at 40 stories and 129 metres, the Centro tower will be the tallest building between Mississauga and Calgary providing hundreds of high-end, affordable rentals.”
Old Oak’s website says the buildings will be ready to lease by 2022.
— with files from Global News Radio 980 CFPL’s Andrew Graham and Jacquelyn LeBel.