The Manitoba government says it hopes a new housing construction incentive plan will lead to more development and get more Manitobans into stable rental homes.
Premier Wab Kinew and Housing Minister Bernadette Smith announced the Rental Housing Construction Incentive (RHCI) plan, which comes with a price tag of $176.5 million over the next five years.
The incentive is being offered to private housing developers as well as non-profits in support of new rental housing across the province, including affordable units for low and moderate-income Manitobans.
“For too long, affordable rentals have been out of reach for working families and seniors,” Kinew said at a press conference Thursday.
“By creating this incentive, we’re unlocking new housing supply and making sure every Manitoban has a fair shot at a safe, affordable place to call home.”
The program will provide refundable tax credits — $8,500 for each new rental unit, with an additional $5,000 available for affordable units.
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To be considered ‘affordable,’ the province said, units must meet annual rent thresholds as set by the Manitoba Housing and Renewal Corporation, and those living in the units need to have household incomes below the province’s limits of $67,900 for households without children and $90,500 for households with kids or other dependents.
The criteria also says projects must continue to qualify as rental housing for the next decade and must contain a minimum of four units.
In a statement Thursday, Nathan Janzen of local developer Janzen Projects, Inc., said the incentive plan is a significant step forward for Manitoba.
“This program enables us to continue looking after Manitoba’s seniors by providing them with access to top-tier, multi-family housing,” Janzen said, “spaces designed with their dignity, comfort and well-being in mind.”
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