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

The Manitoba government is allocating $10 million to establish a new fund aimed at increasing the availability of affordable housing.

This funding will create an investment trust designed to attract private-sector investors to either build new affordable housing or convert existing buildings into such units. Non-profit organizations could manage the housing projects and potentially secure additional funding from other government programs.

Bernadette Smith, Manitoba’s Minister of Housing, Addictions, and Homelessness, said the goal is to launch three housing projects within the next year as an initial step.

The trust, developed by the Business Council of Manitoba, is officially named the Collaborative Housing Alliance Real Estate Investment Trust.

Bram Strain, president of the council, explained that the government and some major business investors would not receive a return on their investments, helping to keep housing costs low.

"This is about giving back. It’s not about what's in it for the business," Strain said on Tuesday. "It’s about taking care of our province and its citizens … it’s to help people."

The long-term goal is to build or convert thousands of affordable housing units, he added.