Federal government invests in 370 affordable homes in London

Government of Canada Logo (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

LONDON, ON, Sept. 5, 2024 /CNW/ - Today, the federal government announced more than $132 million in federal funding through the Affordable Housing Fund (AHF) to help build 370 affordable homes in London. The funding is coming as low-interest and forgivable loans through the AHF. The Fund provides funding to partner organizations to help build and repair affordable homes across the country.

The Vision SoHo projects announced today are a partnership between the City of London, Zerin Development Corporation, Homes Unlimited (London) Inc, Chelsea Green Home Society and London Affordable Housing Foundation. The Vision SoHo Alliance offers a range of safe and affordable rental housing options in SoHo for all Londoners. By developing mixed-income and mixed-use housing near transit and other amenities, integrated together with supports and services, Vision SoHo are able to offer affordable housing to seniors, persons with special needs in need of supportive services, singles and families.

Through investments like this, the federal government is working to end the housing crisis, so that everyone has a safe and affordable place to call home today – and so future generations have the same opportunity to rent or own a place of their own as generations that came before them.

Funding for these London based, Vision SoHo projects include:

• Zerin Place on South for the construction of 119 units
  • $40,460,182 from the federal government's AHF
  • $140,000 from the federal government through SEED funding
  • $1,742,398 from the City of London
  • $1,593,212 from Zerin Development Corporation in cash and land equity

• Homes Unlimited London for the construction of 93 units
  • $32,473,863 from the federal government's AHF
  • $124,000 from the federal government through SEED funding
  • $1,373,246 from the City of London
  • $2,438,987 from Homes Unlimited (London) Inc. in cash and land equity

• Chelsea Green for the construction of 81 units
  • $29,550,000 from the federal government's AHF
  • $100,000 from the federal government through SEED funding
  • $1,181,287 from the City of London
  • $2,241,610 from the Chelsea Green Home Society in cash and land equity

• LAHF for the construction of 77 units
  • $29,500,000 from the federal government's AHF
  • $104,000 from the federal government through SEED funding
  • $1,107,456 from the City of London
  • $1,594,663 from the London Affordable Housing Foundation in cash and land equity

Quotes:

"Everyone deserves a place to call their own and the Affordable Housing Fund is one way we're helping make that a reality for Canadians. We will keep investing in affordable housing projects like the ones announced today, and working with partners across the country, to end the housing crisis." – The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

"These new affordable housing units are going to make a real difference in the London area. They will help support seniors, persons with special needs in need of supportive services, singles and families, and help create a stronger, more inclusive community." –  Peter Fragiskatos, Parliamentary Secretary to the Minister of Housing, Infrastructure and Communities, Member of Parliament for London North Centre 

"This important investment means we can continue to grow our supply of affordable housing to help curb homelessness and ensure we are growing as a safe, healthy and inclusive community. There is great strength in this partnership, and we're continuing to demonstrate what is possible when we work together for Londoners." – Mayor Josh Morgan, City of London

"Zerin Development Corporations new construction at 370 south street will consist of one hundred and nineteen (119) one and two bedroom apartments of which sixty (60) apartments will be rented at 70% of market rent. Included in the 119 units are thirty seven units (37) that are fully barrier free. This is our third affordable housing building in the City of London bringing our total apartment count to two hundred and twenty nine (229) apartments as we continue to strive to meet our Corporate Mission "To develop and manage affordable housing initiatives, promoting a caring community and mutual respect for all." – Ron Rowbottom, Vice President, Zerin Development Corporation

"It takes a village to raise an affordable housing project like Vision Soho.  It's exciting to see cranes and the progress of each of our six partners projects emerge from the historic Victoria Hospital site here in London.  Homes Unlimited is only one partner in this Village, but the co-operation of 6 private local non-profit housing providers, our builder Southside Construction, our consultants, the London Community Foundation, CMHC and the City of London all made this possible.  Homes is currently on the 3rd floor of our project, "Greg Playford Place".   Named after one of our key board members, and we have planned a mix of suites to serve singles and families.  As one of the largest non-profit housing projects underway in Canada, all our partners look forward to welcoming tenants and creating a new community which truly reflects London." – Jim Foote, Homes Unlimited (London) Inc.

"The Chelsea Green Home Society is thrilled to be part of the Vision SoHo Alliance which is building affordable housing at the site of the former Victoria Hospital.  A vision inspired by The London Community foundation and generously supported by the Foundation, The City of London and of course Canadian Mortgage and Housing Corporation (CMHC). The major funding from CMHC is allowing us to build an 81 unit building at 373 Hill St. It will consist of market and affordable one, two and three bedroom units.  Units that are accessible will also be available. " – Susan Riggin, Chelsea Green Home Society

"These hospital lands and buildings have been vacant for many years.  To see this transformation of buildings to home is like the "phoenix rising from the ashes" and continuing to provide for the health and well-being of Londoners." – Joan Atkinson, London Affordable Housing Foundation

Quick facts:

• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to help build new affordable homes and renovate and repair existing, affordable and community housing.
• Through the 2023 Fall Economic Statement, the government announced an additional $1 billion for the Affordable Housing Fund, bringing the total funding to over $14 billion. To further support non-profit, co-operative, and public housing providers and respond to the needs of those most impacted by the housing crisis, Budget 2024 committed an additional $1 billion to the fund.
• This program under the National Housing Strategy (NHS) gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous peoples, people living with disabilities, those with mental health or addiction issues, veterans, and young adults.
• As of March 2024, the federal government has committed $50.97 billion through the NHS to support the creation of over 146,000 units and the repair of over 286,000 units.
• To support the Government's work to grow housing supply and address the need for more affordable and rental homes, CMHC is implementing the Frequent Builder framework.
• The Frequent Builder framework will help expedite applications for the Affordable Housing Fund and the Apartment Construction Loan Program. The Frequent Builder status is given to existing housing providers with a proven track record of building multi-residential units. Different criteria apply to Governments, non-profit and for-profit organizations to qualify for Frequent Builder status.
• Frequent Builders may receive benefits such as priority treatment, a streamlined process through intake, underwriting and approval stages, underwriting and advancing flexibilities, as well as the possibility of funding commitments for future years which will allow funding predictability and better planning for their pipeline of projects.

Additional Information:

• Visit Canada.ca/housing for the most requested Government of Canada housing information.
• CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
• To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.

SOURCE Canada Mortgage and Housing Corporation (CMHC)

Contacts: Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]