$132 million in funding announced for 370 units on old Victoria Hospital site

The current site is under development, but will see a massive boost with Thursday's funding announcement, September 5, 2024 (Bailey Shakyaver/CTV News London)

More than $132 million in funding for affordable housing in London was announced at city hall today – just blocks away from where that money will be put to good use.

The Affordable Housing Fund is providing low-interest and forgivable loans to help build hundreds of affordable homes – largely on the site of the site of the old Victoria Hospital.

The revitalization of the site is a point of pride for Mayor Josh Morgan, “This is often a partnership that I get asked about – like how did this come together, how did you as a city take what was an old hospital land that the province had, and somehow transition it into this transformative project that will reshape that part of the city?”

The vision for the new community is a mixture of affordable and market average rent, alongside accessible and supportive housing for those with disabilities. Units will be available as early as 2025 – with construction on additional units continuing in the coming years.

When it comes to the current efforts of provincial and federal governments, there’s holes in programs that aim to meet affordable housing need. “As I speak I’m recalling stories of constituents I’ve met along the way, and it’s not good enough,” said MP for London North Centre Peter Fragiskatos. “For that reason we’re collaborating with governments and the not-for-profit sector. It culminates in the announcement today of $130 million of federal funding for 370 units of new housing – congratulations to everybody in the room for making it happen.”

The project titled “Vision SoHo” is a direct reaction to the ongoing housing crisis, many levels of government came together to make this funding possible – including the federal government, City of London, Zerin Development Corporation and the London Affordable Housing Foundation to name a few.

“We need to build housing across the city – we know that there’s a housing crisis not only in our city, but across this province, and country,” said Morgan. “Partnering in a multitude of ways is how we solve it.”