Ontario Construction News staff writer
The City of London has gone beyond its three-year target for the Housing Accelerator Fund, achieving 11,966 new housing units four weeks ahead of the September 7 federal deadline.
The city aimed to add 11,803 new housing units under the federal program. This achievement reflects ongoing growth in London’s housing sector and is a result of collaboration among city officials, builders, developers, nonprofit housing providers, and other partners.
“Surpassing our Housing Accelerator Fund target is a significant achievement for London, and it demonstrates what is possible when we set ambitious goals and have the leadership to deliver on them,” Mayor Josh Morgan said in a statement.
The federal Housing Accelerator Fund is managed by the Canada Mortgage and Housing Corp. It provides funding to municipalities to accelerate housing construction and implement lasting changes aimed at boosting housing supply.
London has also successfully completed all 11 initiatives outlined in its HAF action plan.
These initiatives included:
enabling higher-density housing near rapid transit routes supporting office-to-residential conversions that have created new homes downtown providing incentives for Transit-Oriented Development and Additional Residential Units expanding financial incentives for homeowners and builders to create new housing improving development approval processes and reducing barriers to housing construction investing in infrastructure needed to support housing growth in key areas of the city supporting new affordable and highly supportive housing through partnerships with housing providers
“This milestone represents an extraordinary amount of work by people across the corporation and throughout London’s building and development industry,” said Scott Mathers, deputy city manager of Housing and Community Growth.
While London has surpassed its target for new housing supply, it hasn’t yet received confirmation regarding its fourth and final HAF payment.
This payment is still pending review by the Canada Mortgage and Housing Corp. of London’s third-year HAF report. The review will assess whether the city has met its funding agreement requirements as well as evaluate its performance against all targets.
“Londoners should know that the work is not finished,” Morgan said. “Staying focused on building more housing, creating affordability and keeping our city moving forward will require steady leadership and a willingness to keep delivering.”
Source link
Source link
