Investment trust to increase availability of affordable housing in Manitoba

The Manitoba government is providing $10 million to a new investment trust that will increase the availability of affordable housing in the province.

Premier Wab Kinew made the announcement on Tuesday, saying the money will go to the Business Council of Manitoba’s Collaborative Housing Alliance Real Estate Investment Trust.

• The information you need to know, sent directly to you: Download the CTV News App
• Sign up now for daily CTV News Winnipeg newsletters

Kinew explained this investment will be used by business leaders to leverage additional capital and create more housing.

“We can create new rungs on the ladder that starts with us getting people off the street and into social housing,” he said.

“But now we’ll create those next steps into affordable and market-based housing.”

The investment trust is aimed at creating affordable housing by converting existing buildings and building new units into below-market housing options.

Once launched, the fund will use resources from private, public and non-profit organizations to create an investment platform for non-market housing that is protected from market forces.

“This will be a new tool in Manitoba’s tool belt to renovate and build new social and affordable housing here in our province,” said Bernadette Smith, Minister of Housing, Addictions and Homelessness.

“We know that there’s more work to be done and it’s only possible when we all come together and lean on our strengths to achieve a common goal and that is housing our relatives and building more housing here in our province.”

The province’s funding will cover the startup costs of the trust, help the business council solicit other investors and build at least three new housing projects in the next year.