The goal is to launch three housing projects within the next year
The Manitoba government is committing $10 million to create a fund to help increase the availability of affordable housing units.
The funding will establish an investment trust to help attract private-sector investors to build new housing or convert existing buildings into affordable units. Non-profit organizations could manage the projects and tap into additional funding from other government programs.
Housing, addictions, and homelessness minister Bernadette Smith says the goal is to launch three housing projects within the next year as an initial step.
Formally called the Collaborative Housing Alliance Real Estate Investment Trust, this trust is being developed by the Business Council of Manitoba. According to council president Bram Strain, the government will not see a return on its investments, and some business investors will receive little or no return, keeping costs for new housing low.
“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.”
The long-term objective is to build or convert thousands of units, he added.
