WINNIPEG – The Government of Manitoba is providing $10 million in grant funding to the Business Council of Manitoba for a new investment trust that will increase the availability of affordable housing units in the province.
The Collaborative Housing Alliance Real Estate Investment Trust was developed by the Business Council of Manitoba and “aims to increase the availability of affordable housing in Manitoba by converting and renovating existing buildings and building new units that will offer below-market affordable housing options,” a release said.
Once launched the trust would utilize resources from private, public and non-profit organizations to create an investment platform for non-market housing in Manitoba that is protected from market forces, the release said.
The one-time grant funding will cover the startup costs of the trust, allow the business council to solicit other investors and acquire or construct at least three new housing projects in the next year, Manitoba Minister of Housing, Addictions and Homelessness Bernadette Smith said in a statement.
The provincial government, City of Winnipeg and the Business Council of Manitoba also hosted a one-day summit on Oct. 8 at the Museum for Human Rights in Winnipeg to bring together sectors and look for solutions to the province’s affordable housing and homelessness crises.
“To end homelessness, we need to move beyond isolated efforts and build one unified strategy. This summit is about breaking down silos and driving collaboration – across government, business and community – so we can create lasting, co-ordinated solutions that make a real difference in people’s lives,” Winnipeg Mayor Scott Gillingham said.
“By collaborating across industries, we can share knowledge and lead in our areas of expertise. We all have a role to play in providing safe, affordable housing for Manitobans and the business community is no exception. Collaborative initiatives like the business and housing summit allow us to ensure all voices are heard and all needs are met in our collective effort to make Manitoba a preferred place to live, work and invest,” Business Council of Manitoba board chair Mike Pyle added.
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