By Sarah Klein
The city and province are funding grants to five new rental property developments in downtown Winnipeg.
Through the Live Downtown: Rental Development Grant Program, the new projects will receive tax increment financing. They will be located at 272 Main St., 300 Main St., 104 James Ave., 109 James Ave. and 316/318 Ross Ave. More than 700 rental units are planned for these five developments, of which 75 will be considered affordable housing units.
The program is a self-funded, multi-year initiative using tax increment financing grants to encourage the development of new multi family, mixed-income rental housing units downtown.
“This support creates not only great and diverse places for people to live, but also creates a larger customer base to attract more businesses to the downtown,” said Angela Mathieson, CEO of CentreVenture Development Corporation.
“It’s part of a comprehensive strategy to build a stronger economic foundation for the downtown.”
Based on the final value of the properties, the combined investment by both levels of government is approximately $32 million.