According to a Manitoba government media release, the province is providing $10 million in grant funding to the Business Council of Manitoba to support a new investment trust that will increase the availability of affordable housing units.
Premier Wab Kinew says, “Today marks another significant step forward in our collective efforts to end chronic homelessness. This funding will work to create more affordable housing across Manitoba. We’re proud to partner with the big-hearted business community to put people on a path to home ownership.”
Developed by the Business Council of Manitoba, the Collaborative Housing Alliance Real Estate Investment Trust 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 would utilize resources from private, public and non-profit organizations to create a scalable and sustainable investment platform for non-market housing in Manitoba that is protected from market forces.
Housing, Addictions, and Homelessness Minister Bernadette Smith says, “Addressing the housing crisis in Manitoba is a shared responsibility that requires close collaboration between the public, non-profit and private sectors. 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 minister noted. The Manitoba government will closely monitor the outcomes of the trust over the next year.
To learn more about the Manitoba government’s work related to housing and ending homelessness, visit Province of Manitoba | Housing, Addictions and Homelessness Homepage (gov.mb.ca)
