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The federal government is investing more than $130 million to help build 370 affordable homes in London on land that used to house the former Victoria Hospital.
London North Centre Liberal MP Peter Fragiskatos announced the funding for four non-profit housing providers that are part of a development called Vision SoHo Alliance in the SoHo neighbourhood south of downtown.
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In the works for several years, the development will cover an entire block, bounded by Hill, Colborne, South and Waterloo streets, with another apartment building across the street, on the east side of Colborne Street.
The project will contain a mix of affordable, geared-to-income and market-rate apartments.
“This project has types of affordability for all, right down from those who don’t have employment at all, all the way up to those who are looking for market rent options,” Mayor Josh Morgan said at a news conference at city hall.
Affordable units will include rent-geared-to-income and rents up to 70 per cent of the median market rent determined by Canada Mortgage and Housing Corp.
The funding, in the form of forgivable and low-interest loans, comes from a federal fund that provides money to partner organizations to build affordable homes across the country.
It’s a way to put into “sharp focus” the need to respond to London’s homelessness crisis, Fragiskatos said.
Here’s a breakdown of the funding:
- $40.5 million for 119 affordable units at Zerin Place. The project at 370 South St. will have one- and two-bedrooms apartments, including 37 barrier-free units, and 60 of which will rent at 70 per cent of market rent.
- $32.5 million for 93 units at 351 Hill St. where Homes Unlimited is building mostly one-bedroom units as well as 24 two-bedroom units and four three-bedroom units.
- $29.6 million for 81 units at 373 Hill St. where Chelsea Green Home Society is building 28 lofts, 29 one-bedroom units, 18 two-bedroom units and five three bedroom units.
- $29 million for 77 units at 385 Hill St. where London Affordable Housing Foundation is building a mix of one- two- and three-bedroom units.
Indwell and Residenza Affordable Housing are the other agencies involved in Vision SoHo Alliance.
Tenants are expected to begin moving into units next summer.
“This will be transformative for that part of the city,” Morgan said. “And it’s to begin the transition into a vibrant and very attractive part of the city near the core combined with other investments in the area.”
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