Foundation backs city's request for affordable housing proposals

Mar. 16, 2015

Foundation backs city’s request for affordable housing proposals

Committed to investing in community-based affordable housing solutions, London Community Foundation urges local developers, non-profit and private sector organizations to apply for funding through the City of London’s Investment in Affordable Housing (IAH) for Ontario Program.

The City of London is seeking proposal submissions to build affordable rental housing units in London and Middlesex County through the Investment in Affordable Housing (IAH) for Ontario Program. Through this RFP, the City of London offers potential proponents a variety of federal, provincial and municipal funding to facilitate the development of affordable housing units. The deadline for proposals is April 9, 2015 at 2:00pm.

Non-profit organizations and private sector companies with strong development, management and financial capabilities are particularly encouraged to respond to this RFP. Funding assistance will be provided during construction by the governments of Canada, Ontario and the City of London. The RFP provides information on projects and program design, eligibility requirements for proposals, proposal evaluation criteria, and information on conditions and timelines for the completion of the Project Agreements and the availability of assistance from the Federal / Provincial governments and the City to Proponents.

Affordable housing is a strategic priority for London Community Foundation. After identifying housing as a dire community need in its 2012 Vital Signs report, the Foundation’s Loan Fund was born. The Loan Fund is a social investment program that turns donations into capital loans for community and non-profit groups investing in affordable housing solutions. Together, the Foundation’s Loan Fund and the City’s Investment in Affordable Housing Program offer an opportunity for both individuals and groups in the London and Middlesex region to receive substantial funding for affordable housing projects. Supporting each other in their efforts, the City of London and London Community Foundation hope to amplify their impact, improving the access to affordable housing in our community.

According to the Foundation’s 2014 Vital Signs report, the average wait time for social or affordable housing in our community was 1.5 years in 2013 (City of London). Additionally, in 2013, 2,341 households were waiting for rent-geared-to-income housing in London. This is a 7.8% increase from 2012 (Ontario Non-profit Housing Association).

Martha Powell, President & CEO, London Community Foundation says,

Housing is a priority if we wish to tackle other issues such as mental health, addiction and unemployment. We’re thrilled to have the opportunity to double our efforts by working with the City of London. When people in our community are safely housed, our whole community thrives.”

Non-profit organizations and private sector companies with strong development, management and financial capabilities are encouraged to respond to the City’s RFP. Funding assistance will be provided during construction by the governments of Canada, Ontario, and the City of London.

For more information on the City of London’s Investment in Affordable Housing (IAH) for Ontario Program visit http://www.biddingo.com/london

For more information on London Community Foundation’s Loan Fund, visit http://lcf.on.ca/request/loan-fund

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About London Community Foundation

 Founded in 1954, London Community Foundation is a charitable organization dedicated to improving communities across London and Middlesex County. Our goal is to continue building London and Middlesex County as a Smart & Caring Community through collaboration, strategic leadership, and innovative solutions to charitable giving. Investing our gifts in perpetuity, London Community Foundation ensures the long-term vitality of the community emphasizing prevention rather than remediation. We are part of a network of over 191 Community Foundations across Canada and currently manage over $65 million of assets and grant over $2.4 million into the community each year. For more information visit www.lcf.on.ca.

 Media Contact:

 Vanessa Dolishny, Manager of Communications & Donor Relations, London Community Foundation

 t: 519-667-1600 x 107

e: vanessa [at] lcf [dot] on [dot] ca

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