At the heart of London West, stands a partially constructed 4-storey building with 54 affordable rental units up for grabs by the end of 2019.
Located at 770 Whetter Avenue in London, this project, developed by Homes Unlimited Inc., will provide affordable housing for modest and middle-income households.
To support and push the project forward, the Federal Government along with the Rental Construction Financing initiative, are investing $4.4 million. Jim Foote, Vice President for Homes Unlimited Inc. explains that capital funding was exactly what they needed.
“This is really the national housing strategy at work. Putting the money into action, we’re volunteers that bring it together. But, we need capital and we need support, and that’s what all these fine people have done for us.”
Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children, and Social Development announced the funding for the housing units.
“We are doing more than just simply putting a roof over their head. We deliver a form of health-care to them. We deliver a space and an opportunity to them to build capacity and for them to take care of themselves. Then more importantly, contribute back to making sure the community’s there in a strong for people after them,” said Vaughan.
Although the units are mostly aiding low-income families, Vaughan believes affordable housing can also aid in post-secondary student’s lives.
Peter Fragiskatos, Adam Vaughan, Kate Young, Jim Foote, Ed Holder.
“We know that students have a huge impact on the housing market in London. If we’re going to grow the university and really keep a control on the cost of university, investments in rental housing are key.”
Overall, Vaughan says affordable housing will stretch further than just the families in need.
“It’s going to pay off. It’s going to pay off not just in good strong employment numbers in a place like London, not just good strong housing vacancy numbers, it’s also going to pay off in things like hospitals and long-term care.”
Affordable housing projects have been on the go for a some time before London Mayor Ed Holder stepped into office. Holder believes though, his connections with the Federal office have helped quickened projects like the one on 770 Whetter Ave.
“The line of communication is really strong and it’s something that I have emphasized. We have to have a good and open communication with both the Federal and Provincial Governments.”
MP for London West, Kate Young, also helped get this project going in her area of the city. She has trust in the Federal government to continue their hard work in ending London’s affordable housing crisis.
“Our government is committed to continuing the investments in housing so all Londoners can have a safe and affordable place to call home. Whether it be new units like the ones here, or repairing existing housing units, we are actively working with housing partners.”
Of the 54 units, 50 will be rented at affordable housing rates while four will be rented at market rates. Rental prices for the 50 units are expected to be 80% of the market price.
The Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s northern and rural communities.
WATCH: Parliamentary Secretary, Adam Vaughan, speaks on affordable housing project.
