The province is providing $10 million in grant funding to the Business Council of Manitoba to support a new investment that will help increase the availability of affordable housing units in Manitoba.
Premier Wab Kinew made the announcement Tuesday, saying today marks another significant step forward in their effort to end chronic homelessness in our province.
“This funding will work to create more affordable housing across Manitoba,” said Kinew. “We’re proud to partner with the big-hearted business community to put people on a path to homeownership.”
The Collaborative Housing Alliance Real Estate Investment Trust, developed by the Business Council of Manitoba, aims to increase the availability of affordable housing in Manitoba by converting and renovating existing buildings and building new units that will offer below-market affordable housing options.
Once launched, the trust will use resources from private, public and non-profit organizations to create a sustainable investment platform for non-market housing in Manitoba, that is protected from market forces.
“Addressing the housing crisis in Manitoba is a shared responsibility that requires close collaboration between the public, non-profit and private sectors,” said Homelessness Minister Bernadette Smith. “Together, we can make a difference.”
The one-time grant funding will cover the startup costs of the trust, allow the business council to solicit other investors and acquire or construct at least three new housing projects in the next year.
The province will closely monitor the outcomes of the trust over the next year.