The Manitoba government has announced it’s spending $176.5 million over the next five years to create a Rental Housing Construction Incentive (RHCI) to support more housing development.
According to a media release, the RHCI is a financial incentive offered to private and non-profit housing developers to support construction of new rental housing across the province including affordable units for low- and moderate-income households. It provides refundable tax credits of $8,500 per new rental unit, with an additional $5,000 available for affordable units.
Affordable units under the RHCI must meet rent thresholds set annually by the Manitoba Housing and Renewal Corporation (MHRC) and be occupied by households with incomes below provincial limits – currently $67,900 for households without children and $90,500 for households with children or dependents.
Under the terms of the program, projects must continue to qualify as rental housing for 10 years and during that time, the number of units must not fall below the number for which a tax credit was received. Projects must include a four-unit minimum to qualify.
There’s more information at https://gov.mb.ca/housing/progs/rental_housing_tax_credit.html.
