Manitoba government to put up $10M for new housing investment trust

The Manitoba government is putting up $10 million for a new fund aimed at getting more affordable housing units on the market.

The money is being used to start an investment trust that would work to attract private-sector investors then build new housing or convert existing buildings into affordable units.

“We’re taking a team Manitoba approach to tackling the challenges around homelessness and housing,” said Premier Wab Kinew.

The building projects could be run by non-profit groups, which could leverage more money from other government programs.

Housing, Addictions and Homelessness Minister Bernadette Smith says the initiative aims to have three housing projects within the coming year, as a start.

“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 trust is being developed by the Business Council of Manitoba and is formally called the Collaborative Housing Alliance Real Estate Investment Trust.

Council president Bram Strain says the government would get no return on its investment and some other big business investors would get little or no return, keeping the cost of new housing down.

“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.”

Over time, the aim is to have thousands of units built or converted, he said.

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The Assembly of Manitoba Chiefs (AMC) called the announcement “a positive step forward in addressing the housing crisis affecting so many, especially our First Nations relatives.”

“As First Nations, we hold a Treaty Right to Shelter — both on and off-reserve. However, the ongoing housing shortage, especially in urban centres, continues to displace our people and leave them vulnerable,” said AMC Acting Grand Chief Betsy Kennedy in a news release.

“The barriers our people face in urban centres, including a lack of rental history and affordable housing, particularly affect our youth and those who have been through the child welfare system.”

-With files from Neve Van Pelt, CityNews