Ontario Construction News staff writer
The City of London has surpassed its three-year Housing Accelerator Fund target, reaching 11,966 new housing units four weeks ahead of a Sept. 7 federal deadline.
The city’s target under the federal program was 11,803 new housing units. The milestone represents continued housing growth across London and comes through efforts by 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, administered through the Canada Mortgage and Housing Corp., provides funding to municipalities to speed up housing construction and make lasting changes intended to increase housing supply.
London has also completed all 11 initiatives included in its HAF action plan.
Those 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 exceeded its housing supply target, the city has not yet received confirmation of its fourth and final HAF payment.
Payment remains subject to a review by the Canada Mortgage and Housing Corp. of London’s third-year HAF report. The review will determine whether the city has met the requirements of its funding agreement and assess 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.”
