London, Ont. is set to receive a substantial financial boost of $74 million from the federal government to address the housing crisis. Mayor Josh Morgan has outlined his plans for utilizing this sum effectively and transforming the city's housing landscape.
Addressing the Housing Crisis
The Housing Accelerator Fund, introduced during the Liberal's 2021 election campaign and included in the 2022 federal budget, allocates $4 billion in funding until 2026-27 to construct new homes in cities. London will benefit from this initiative, allowing the city to expedite solutions to its housing challenges.
Key Investments to Overcome the Crisis
Mayor Morgan has identified four crucial areas for investment in order to tackle the housing crisis head-on:
1. Speeding up the permit process
Efficiency is paramount when it comes to building permits. Mayor Morgan emphasizes the importance of analyzing the existing application process to identify bottlenecks and streamline it effectively. By taking steps to eliminate delays, the city can significantly accelerate the home-building process.
2. Building new affordable and market-rate homes
To address the housing crisis comprehensively, the city will focus on constructing both affordable and market-rate homes. Collaborations with local non-profits and the building sector will play a pivotal role in this venture. Additionally, there is a need to increase the availability of market-rate rental units in London, especially considering the influx of people seeking employment opportunities or relocating from more expensive areas.
3. Investing in housing-related infrastructure
Mayor Morgan acknowledges the need for adequate infrastructure to support the construction of new housing. Certain areas, such as those surrounding Fanshawe College, lack the necessary infrastructure capacity, particularly in terms of sewage management. By investing in the required infrastructure, the city can unlock the potential of high-density developments currently on hold due to these limitations.
4. Converting unused commercial spaces into residential units
London's downtown core houses numerous vacant office buildings. Mayor Morgan envisions utilizing the funds to incentivize developers who pledge to convert these spaces into residential apartments and condos. This approach not only repurposes existing infrastructure but also provides a solution to the shortage of available housing units.
Building a More Inclusive and Accessible City
In addition to the four key investment areas, Mayor Morgan highlights the council's intentions to explore new incentive programs. These programs will encourage developers to construct downtown transit corridors and transit villages while ensuring that a portion of the developments remain affordable for lower-income renters. By implementing strings attached to these incentives, the city aims to promote greater affordability and accessibility within the housing market.
With this funding infusion, London is on the path to mitigating its housing crisis effectively. Mayor Morgan's strategic investment plan addresses various aspects of the issue, from streamlining permits to repurposing commercial spaces and enhancing infrastructure. The city's commitment to building a more inclusive and accessible housing market demonstrates its dedication to the well-being and prosperity of its residents.
Prime Minister Justin Trudeau visits the construction site of an affordable housing project in London, Ont. - September 13, 2023. (Photo credit: Nicole Osborne/The Canadian Press)
