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$25M federal loan to help build affordable housing units in London, Ont.

Renderings of the design by Nicholson Sheffield Architects Inc. via Homes Unlimited

London, Ont., will be home to a new affordable housing project, expected to welcome its first tenants in the fall of 2022.

The project, at 99 Pond Mills Rd., will support “persons with disabilities and limited mobility, families and households of modest means, women and children coming from shelter housing, seniors, Indigenous persons and new immigrants,” the federal government says.

Read more: 49 affordable homes to be built in London, Ont. after $10.8 million funding announced

“Everyone, especially the most vulnerable in our communities, deserve an affordable place to call home,” said Adam Vaughan, parliamentary secretary to the minister of families, children and social development.

“The housing investment we have made today will assist priority groups under our government’s National Housing Strategy.”

On Wednesday, the federal government announced the nearly $25-million loan. The project will involve a 12-storey building with 110 units, a combination of one-bedroom, two-bedroom and accessible rental units, built by Homes Unlimited.

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“This is Homes Unlimited’s largest project to date and when we welcome our first tenants in the fall of 2022, 99 Pond Mills will help us celebrate 50 years of providing safe and affordable housing for Londoners in need,” president Carmen Sprovieri said.

“Unfortunately, the need for accessible, affordable rental accommodation in London remains at an all-time high and we are hoping Homes Unlimited can continue to address these needs in the years ahead.”

Read more: $40.1M in federal funding going towards maintaining, renovating affordable housing in London, Ont.

Vaughan was joined for the announcement by London North Centre MP Peter Fragiskatos and London West MP Kate Young, who both stressed the serious need for housing.

“This investment is a crucial step towards ensuring that the most vulnerable among us have access to the housing and supports that meet their needs. Housing is about dignity. As a result of today’s announcement, we are acting to meet the unique housing needs of our city so that residents of London can be safe and can continue to thrive,” said Fragiskatos.

Young said that creating new affordable homes is a priority for the federal government.

“By providing funding for projects like 99 Pond Mills, we are taking action to address severe housing needs here and London, and across the country.”

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The funding is made possible through Canada’s National Housing Co-Investment Fund (NHCF).

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