WINNIPEG — The city and province will be teaming up to give tax breaks to the five new rental developments in the city.
The James Avenue Pumping House will be among the five developments getting a face lift.
Friday the city and province announced that they’ll be investing up to $32 million based on the final values of the properties once they are complete and if the developers receive the maximum available grants for all units.
“A vibrant and prosperous downtown core contributes to the strength of Manitoba as a whole and our government is pleased to work in partnership with the city to advance this priority,” said Premier Brian Pallister.
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The five new projects will receive tax increment financing (TIF).
Of the more than 700 rental units planned for the five developments, 75 will be considered affordable housing units.
Cassondra Spence has been looking for affordable housing for months and said this number is merely a drop in the bucket.
“75 is a very low number for such a high rate of people living on assistance,”said Spence.
Staff at the Salvation Army agreed. They said, on average, their facilities temporarily house at least 300 people looking for affordable housing. Explaining that there are still many more needing it.
But, when it comes to the five new rental developments coming up, Mayor Brian Bowman said this is at least a step in the right direction for his vision of downtown Winnipeg.
“As mayor, I’ve been a big proponent of finding ways to encourage more people to live downtown,” said Mayor Brian Bowman.
After being out of use since the 1990’s, this will be the first time the James Avenue Pump Station will have an opportunity to be put to use again, even if in a different form.
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