LONDON, ONT. — The federal government is investing just over $130 million for the construction of two multi-residential buildings comprising of 420 units.
The project, located at 495 Talbot Street and 110 Fullarton Street in London, Ont. and developed by Old Oak Properties Inc., is receiving funding through Canada Mortgage and Housing Corporation’s Rental Construction Financing initiative.
The National Housing Strategy program supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families struggling in expensive housing markets across the country, indicates a release.
Of these new units, 110 units (26 per cent) have rents lower than 30 per cent of median household income in London and 84 units will have rents that fall at or below 70 per cent of the 30 per cent median income in the area.
This will provide affordable housing options close to public transit and services for modest and middle-income individuals and families.
“Old Oak is grateful that Canada Mortgage and Housing Corporation is providing a loan for this exciting new project,” said Jeff Martin, chief financial officer, Old Oak Properties Inc. in a statement.
“Named Centro, this will be a landmark development for both London and Old Oak. Standing at 40 storeys and 129 meters, the Centro tower will be the tallest building between Mississauga and Calgary providing hundreds of high-end, affordable rentals.”