London considers adding more money into housing incentive programs

The city’s planning committee is looking to top up a couple of financial incentive programs that have been popular with developers.

The planning committee has endorsed using $6 million from last years surplus and $7.4 million from the federal government, to keep the programs going.

The programs provide developers with financial incentives to break ground on new housing units.

“Additional funding will help these programs continue to support additional residential units in London,” said Mike MaCaulay, acting manager for community improvement and regeneration.

At the meeting on Tuesday, Coun. Steve Lehman said, “It’s clear that we’re being very effective in using those monies and getting the results.”

According to the city, incentive programs for office-to-residential conversions, and for building along transit corridors, have been over-subscribed.

— With files from CTV News London’s Daryl Newcombe