In partnership with the Government of Manitoba, the City of Winnipeg has launched a new Live Downtown Rental Development Grant Program. Through the program, the Province and the City will use Tax Increment Financing (TIF) grants to offset a proportion of a developer’s capital investment and encourage the development of new multi-family, mixed-income rental housing in downtown Winnipeg.

“Resilient and exciting neighbourhoods are built on the combined diversity and strength of the people who live and work there,” says Greg Selinger, Premier of Manitoba. “This initiative can encourage real estate developers to turn more vacant land and under-used buildings into centrally located neighbourhoods for families. By increasing the mix of residential and commercial buildings, we can add to the vibrancy of downtown life, accelerate the energy and vigor of activities downtown at the end of the work day, decrease infrastructure servicing costs and reduce vehicle reliance.”

Through the new program, the City’s primary goals are to:

• Develop between 750 and 900 new downtown rental housing units for a broader range of income levels;
• Increase the downtown population; and
• Make better use of surface parking lots.

Successful applicants will receive annual funds, through the initiative, for a period of up to 20 years. Grants can be used for the construction of new rental housing or the redevelopment of existing buildings.

“Having more people live downtown is an essential ingredient to a vibrant healthy downtown, and we commend both the province and the City of Winnipeg on their commitment to ensure there is a wide range of living options,” says Brian McGowan, Mayor of Winnipeg. “This is a rare opportunity for rental residential property developers to access a grant that capitalizes on the demand and to build where people clearly want to be – in downtown Winnipeg.”