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Manitoba awarded a $10 million grant to the Business Council of Manitoba to support a new investment trust aimed at increasing the availability of affordable housing, the NDP announced on Tuesday.
The new initiative, called the Collaborative Housing Alliance Real Estate Investment Trust, has been developed by the Business Council of Manitoba. Its primary goal is to expand affordable housing options by converting and renovating existing buildings and constructing new units. These housing units will be offered at below-market rates, ensuring more Manitobans can access affordable homes.
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The trust will bring together resources from the private sector, public entities, and non-profit organizations to create a sustainable platform for developing affordable housing. The focus will be on providing housing that remains insulated from fluctuations in the market, ensuring long-term affordability for residents.
The $10 million one-time grant will cover startup costs and enable the Business Council to secure additional investments. This funding will also help the council acquire or construct at least three housing projects over the next year. The Manitoba government will monitor the progress and outcomes of the trust during this period.
Premier Wab Kinew noted that the partnership with the business community is critical to the government’s efforts to increase housing options and provide a pathway to home-ownership for Manitobans. Housing, Addictions, and Homelessness Minister Bernadette Smith highlighted that the housing crisis requires collaboration across all sectors and expressed optimism about the trust’s potential to make a positive impact.
The creation of the trust is seen as an important step toward addressing chronic homelessness and housing affordability in Manitoba, with the government and its partners working together to develop practical solutions.
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