I will be making the following motion at the January 16th meeting of the London Housing Advisory Committee:
- Recalling that London’s Community Housing Strategy was approved by Council in 2010;
- Acknowledging that objective 5.3 of the strategy is to “Maintain annual $2 million City investment in affordable housing”;
- Recognizing that every $1 of municipal investment has historically leveraged $7 of investment from other orders of government and the private sector;
- Acknowledging that best practice in affordable housing is a ‘toolbox’ approach that includes both less expensive temporary units and more expensive permanent units;
- Noting that the existing Affordable Housing Reserve Fund is already fully committed to outdraws;
- and noting that of the City goal of 1000 new affordable housing units our current Program Delivery and Fiscal Plan is for 614 new units:
Motion: The London Housing Advisory Committee recommends that City Council reaffirm its commitment to the London Community Housing Strategy, in particular objective 5.3 to maintain an annual $2 million City investment in affordable housing.