The Manitoba government is investing $10 million in the launch of a new affordable housing REIT.

The province announced that it will provide the funds through a grant to the Business Council of Manitoba to support the creation of a new REIT aimed at expanding affordable housing across the province.

Premier Wab Kinew and Housing, Addictions, and Homelessness Minister Bernadette Smith unveiled the funding as part of an initiative to combat chronic homelessness by increasing access to affordable housing units.

“Today marks another significant step forward in our collective efforts to end chronic homelessness,” said Premier Kinew. “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.”

The Collaborative Housing Alliance REIT, developed by the business council, aims to address the housing crisis by converting and renovating existing buildings and constructing new units to provide below-market housing options. The trust is designed to bring together resources from private, public, and non-profit sectors to create a sustainable investment platform for affordable housing that is insulated from market fluctuations.

“Addressing the housing crisis in Manitoba is a shared responsibility that requires close collaboration between the public, non-profit, and private sectors,” said Smith. “Together, we can make a difference.”

The $10-million grant will cover the REIT’s startup costs, enabling the business council to secure additional investors and begin work on at least three new housing projects within the next year. The provincial government plans to monitor the trust’s outcomes closely over the coming year to ensure its success.

Pictured: Winnipeg affordable housing project

Rendering: CMHC