Downtown Residential Development Grant Program
The City of Winnipeg and the Province of Manitoba have partnered to offer up to $40,000,000 in grants for residential development in Winnipeg's downtown. Grants are provided to the owner/developer, and are based on incremental taxes generated by the development (incremental taxes are calculated as the additional property taxes generated by the development, i.e. taxes after completion minus taxes before the project begins equals incremental taxes).
Incremental taxes are based on the value of the entire building, including non-residential components such as commercial or retail space.
The program provides grants of up to $40,000 per residential unit to help leverage multiple-family residential or mixed-use development in Winnipeg's downtown. It provides grants to qualified developers for the development of:
New residential or mixed-use buildings;
Redevelopment of existing vacant residential or mixed-use buildings;
Conversions of non-residential buildings to residential or mixed-use buildings.
Grants are available for development of both condominium and apartment rental units. The actual amount of the grant depends on the price/rent for the new units, where more affordable units are eligible for higher grant amounts.
Program applicants have the choice of receiving an annual grant each year for either 10 or 15 years (condominium/ rental) OR can receive the grant in a lump sum representing the net present value of the full amount of the grant. Condominium developments will receive the incremental taxes their property generates for a period of 10 years, rental projects will receive their incremental taxes for 15 years.
The program is delivered through the CentreVenture Development Corporation, which is an advocate and catalyst for business investment, development and economic growth in downtown Winnipeg. Additional information regarding the program can be found on CentreVenture's website, or contact CentreVenture directly at:
CentreVenture Development Corporation
492 Main Street
Winnipeg, Manitoba R3B 1B7
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