LCF commits over $17M for affordable housing
Geared-to-income housing is seen in London, Ont. in this file photo. (Daryl Newcombe / CTV London)
LONDON, ONT. -- The London Community Foundation (LCF) has announced it is doubling its financial assistance to deal with the affordable housing crisis.
It will now provide $17 million to $20 million in support of the creation of affordable housing.
For the last six years, the foundation has administered a Social Impact Fund of $10 million in revolving loans - creating 341 affordable housing units - but has decided to nearly double that commitment.
Marth Powell, LCF president and CEO, said in a statement, “Adequate, safe, and affordable housing should not be out of reach. The shortage of affordable housing in our community is at a crisis point. Solving this is a critical challenge that will require a collaborative effort.”
The fund will offer flexible financing to organizations interested in creating affordable housing, a project that can involve prohibitive start-up costs, the LCF says.
LCF is also creating a Housing Action Committee to help identify interested organizations that may need information or assistance to get involved in affordable housing.