The Manitoba government is putting $10 million into a new fund aimed at getting more affordable housing units on the market.
The money is being used to start an investment trust that would work to attract private-sector investors, then build new housing or convert existing buildings into affordable units.
The building projects could be run by non-profit groups, which could leverage more money from other government programs, such as the federal housing accelerator fund.
Bernadette Smith, the provincial housing, addictions and homelessness minister, says the initiative aims to have three housing projects within the coming year, as a start.
The trust is being developed by the Business Council of Manitoba and is formally called the Collaborative Housing Alliance Real Estate Investment Trust.
Council president Bram Strain says the government would get no return on its investment, and some other big business investors would get little or no return, keeping the cost of new housing down.
“This is about giving back, so it’s not about what’s in it for the business,” Strain said Tuesday.
“This is about taking care of our province, our citizens of our province. It’s to help people.”
Over time, the aim is to have thousands of units built or converted, he said.