New incentive program launched by City of London to boost housing near transit

The City of London has launched a new financial incentive to encourage mixed-use and residential development in key transit-accessible areas. 

The Transit Oriented Development (TOD) Per-Unit Forgivable Loan Program offers $15,000 per residential unit to eligible developers and property owners to accelerate the construction of new housing, or an office-to-residential conversion, near major transit routes, including areas surrounding downtown, rapid transit corridors, and transit villages. 

“There’s an urgent need for new housing options across London, especially in areas well-served by public transit,” said Mayor Josh Morgan. “We want to see new homes built near transit, where people can live close to work, school, and the services that support a strong, vibrant city.”

Program Highlights:

• Supports mixed-use or residential buildings with 20 or more units.
• Supports the conversion of office space to residential use (no minimum unit requirement).
• Eligible developments must be located within the Transit Oriented Development Community Improvement Area.
• $15,000 per unit is provided as a forgivable loan.
• Loans are issued once all requirements are met, including building permit issuance, legal agreement registration, and confirmation of good property tax standing.
• Loans are forgiven upon passing final building inspection.
• There is no maximum amount per building, but funding is limited and subject to availability.

“This program is part of the City’s broader strategy through the Federal Housing Accelerator Fund to promote sustainable urban development, increase housing supply, and support intensified land use near major transit routes,” said Scott Mathers, Deputy City Manager of Housing and Community Growth. “It’s about building more homes, faster, in the right places. By targeting areas with strong transit connections, we’re not only addressing the housing crisis but also supporting our climate and mobility goals.”  

Developers, property owners, and community housing providers are encouraged to learn more and take part in this opportunity to contribute to London’s growth. 

For full details on the program or to apply visit london.ca/CIP or email CIPincentives@london.ca.