Transcona affordable housing project at risk as federal funding in doubt

Social Sharing
The future of a Transcona affordable housing project, meant to help people with disabilities and those transitioning out of homelessness, is in question after a federal funding program it was counting on ran out of money.
The Winnipeg Housing Rehabilitation Corporation, which spearheaded the project, secured the land from the City of Winnipeg. Last year, it submitted an application for $25 million in funding from the affordable housing fund, a national $15-billion program created as part of the federal government's national housing strategy.
"Everything is in question right now," said executive director James Heinrichs.
Plans for the 154-unit apartment building at 145 Transcona Blvd. began about six years ago. At an estimated cost of $45 million to $50 million, the project would include 68 deeply affordable units, with rents at 69 per cent of the median market rate.
It would also include 31 fully accessible units, and 55 median market units.
In its application, the housing rehabilitation corporation hoped to receive a $14 million loan, as well as an $11 million grant.
However at a meeting of the Canadian Housing and Renewal Association last week, Heinrichs learned the affordable housing fund had received more applications than it could provide.
The potential loss of that funding could delay the project, putting it at risk of losing other government funding, including $5 million from the housing accelerator fund, which has strict completion time limits, Heinrichs said.
"So there's a lot of different pieces that are flowing into the development of a project of this nature, but everything has to come to fruition in order for it to all work," he said.
"And now with the announcement that was just recently made, [that] there's no additional funds through the affordable housing fund, now we're kind of left of what do we do, right?"
'It ties our hands'
The organization had made significant progress in its plans, spending about $775,000 of its own money, including architectural renderings of the building.
"We're always looking at developing housing that is deeply affordable for the people that have probably some of the lowest incomes in the province and we want to help house them. That's what we want to do," Heinrichs said.
"Losing that amount of money … would hamper us on developing other projects as well. It ties our hands."
A spokesperson for the Canada Mortgage and Housing Corporation told CBC News in a statement that the affordable housing fund "has attracted significant interest and success, resulting in numerous high-quality applications."
"With the significant demand for funding, CMHC continues and is committed to working with our clients and partners to process as many [affordable housing fund] funding applications as possible," the statement said.
WATCH | Federal funding doubts put Transcona project at risk:
Christina Maes Nino, executive director of the Manitoba Non-Profit Housing Association, said many more projects could face funding shortages.
"They are getting projects ready. They're putting in applications and now there's this uncertainty, and so they're really just waiting to know what's going to happen."
Transcona Coun. Russ Wyatt fears the impact could go beyond the province.
"My guess is there's projects right across Canada that are now being jeopardized, or basically not being able to be funded," Wyatt said.
Colin Fast, spokesperson for Winnipeg Mayor Scott Gillingham, told CBC News the city is looking into the issue and waiting on further information from the federal government.
In an email, City of Winnipeg spokesperson Kalen Qually said the city housing accelerator funding remains committed to the project.
"We know many of the projects approved for [housing accelerator fund] funding are relying on additional CMHC commitments," Qually wrote.
"Without securing all funding sources, it will be a challenge for projects to meet timelines under our agreement. We will continue to work in partnerships with the non-profit housing proponents as their projects move forward."

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Global News

40 minutes ago

• Global News

Carney travels to Europe for security, defence talks with EU, NATO

Prime Minister Mark Carney will depart for Europe on Sunday for back-to-back summits where he is expected to make major commitments for Canada on security and defence. Carney will be joined by Foreign Affairs Minister Anita Anand, Defence Minister David McGuinty and secretary of state for defence procurement Stephen Fuhr at the EU and NATO summits, where military procurement and diversifying supply chains will top the agendas. The international meetings come as Canada looks to reduce its defence procurement reliance on the United States due to strained relations over tariffs and President Donald Trump's repeated talk about Canada becoming a U.S. state. Carney will fly first to Brussels, Belgium, starting the trip with a visit to the Antwerp Schoonselhof Military Cemetery where 348 Canadian soldiers are buried. He will also meet with Belgian Prime Minister Bart De Wever, European Council President António Costa and European Commission President Ursula von der Leyen. Story continues below advertisement At the EU-Canada summit, Anand and McGuinty are expected to sign a security and defence agreement with the EU in what one European official described Friday as one of the most ambitious deals Europe has ever signed with a third country. The agreement will open the door to Canada's participation in the ReArm Europe initiative, allowing Canada to access a 150-billion-euro loan program for defence procurement, called Security Action for Europe. An EU official briefing reporters on Friday said once the procurement deal is in place, Canada will have to negotiate a bilateral agreement with the European Commission to begin discussions with member states about procurement opportunities. A Canadian official briefing reporters on the summit Saturday said the initial agreement will allow for Canada's participation in some joint procurement projects. However, a second agreement will be needed to allow Canadian companies to bid. 1:48 Carney to increase U.S. steel, aluminum tariffs if trade talks with Trump stall At the EU-Canada summit, leaders are also expected to issue a joint statement to underscore a willingness for continued pressure on Russia, including through further sanctions, and call for an immediate and permanent ceasefire in Gaza. Story continues below advertisement After Brussels, Carney heads to The Hague in the Netherlands for the NATO leaders' summit on Tuesday and Wednesday. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy There, Carney will meet with the King of the Netherlands and later with leaders of Nordic nations to discuss Arctic and transatlantic security. At the NATO summit, Carney will take part in bilateral meetings with other leaders. The summit agenda includes a social dinner hosted by the king and queen of the Netherlands and a two-and-a-half hour meeting of the North Atlantic Council. NATO allies are expected to debate a plan to hike alliance members' defence spending target to five per cent of national GDP. NATO data shows that in 2024, none of its 32 members spent that much. The Canadian government official who briefed reporters on background says the spending target and its timeline are still up for discussion, though some allies have indicated they would prefer a seven-year timeline while others favour a decade. Canada hasn't hit a five- per- cent defence spending threshhold since the 1950s and hasn't reached the two per cent mark since the late 1980s. NATO says that, based on its estimate of which expenditures count toward the target, Canada spent $41 billion in 2024 on defence, or 1.37 per cent of GDP. That's more than twice what it spent in 2014, when the two per cent target was first set; that year, Canada spent $20.1 billion, or 1.01 per cent of GDP, on defence. Story continues below advertisement In 2014, only three NATO members achieved the two per cent target — the U.S., the U.K., and Greece. In 2025, all members are expected to hit it. Any agreement to adopt a new spending benchmark must be ratified by all 32 NATO member states. Former Canadian ambassador to NATO Kerry Buck told The Canadian Press the condensed agenda is likely meant to 'avoid public rifts among allies,' describing Trump as an 'uncertainty engine.' 'The national security environment has really, really shifted,' Buck said, adding allies next door to Russia face the greatest threats. 'There is a high risk that the U.S. would undercut NATO at a time where all allies are increasingly vulnerable.' Trump has suggested the U.S. might abandon its mutual defence commitment to the alliance if member countries don't ramp up defence spending. Story continues below advertisement 'Whatever we can do to get through this NATO summit with few public rifts between the U.S. and other allies on anything, and satisfy a very long-standing U.S. demand to rebalance defence spending, that will be good for Canada because NATO's good for Canada,' Buck said. Carney has already made two trips to Europe this year — the first to London and Paris to meet with European allies and the second to Rome to attend the inaugural mass of Pope Leo XIV.

National Post

42 minutes ago

• National Post

The complicated, high-risk task ahead for Alberta's new man in D.C.

Alberta's new man in Washington, D.C., is Nathan Cooper, the 44-year-old former MLA from the rural heartland of the province. Nathan just wrapped up six years as Speaker of the Alberta legislature, an all-around nice fellow credited with keeping partisan shenanigans in the legislature to a minimum. Article content Ontario, Quebec and Alberta are the only provinces with full-time boots on the ground in D.C.; Alberta has a total of 11 staff in four offices across America, Nathan reports. 'To put that in perspective,' he adds, 'Quebec has close to 100 full-time people trying to defend the interests of Quebec in the U.S.' Article content Article content Article content I'm curious: What would entice Nathan to quit a plum job — refereeing partisan debates under the dome in Edmonton — and move to D.C. as a diplomat, a place where it's a struggle for anyone to be heard above the cacophony of lobbyists and legislators? Article content Article content Alberta needs someone in D.C. 'who can tell our story,' Nathan pitches. It's a glib answer to my question, but he qualifies his response; he knows he needs to convince not just the pro-energy crowd in the U.S. of the merits of Alberta as a trading partner, but the skeptics too. 'It's very possible,' he observes, 'the House and the Senate will be different after the (American) midterms.' Article content 'And, I think the Speaker's role, in many respects, prepared me for that,' he explains, 'because at the end of the day, you need to be able to garner the trust and respect of both sides of the House, or you end up in a very unruly place.' Article content Article content Nathan replaces former MP James Rajotte as Alberta's representative in Washington, and when we chat, he's been in the new job for less than two weeks. Cellphone in hand and safely parked on the side of the road, he's enroute to G7 briefing meetings in Calgary. A full 20 minutes into our conversation, he relaxes a little, unbuckles his seatbelt and takes a few sips of his Tim Horton's coffee. Article content Article content 'What a rocket ride,' he says with a nervous laugh, and describes his first week in D.C., alongside Premier Danielle Smith: meeting U.S. senators and congresspeople, as well as Canadian and American energy producers. After the G7, where the hosting province enjoys certain privileges including 'grip and grins' with world leaders, there's the Calgary Stampede in early July, a shindig that attracts politicos from across the world. Article content By August, Nathan plans to have his family settled in D.C. and he'll be working from an office lodged within the Canadian Embassy. 'Alberta and Ontario are still inside the embassy,' he explains, 'while the province of Quebec has their own office space and functions independent of the embassy.'

Globe and Mail

an hour ago

• Globe and Mail

Could Netflix Stock Help You Become a Millionaire?

There aren't many businesses that have rewarded shareholders as much as Netflix (NASDAQ: NFLX) has. The entertainment giant has seen its share price catapult 49,590% higher in the past two decades (as of June 19). A $2,020 investment in the company in June 2005 would be worth $1 million today, which is surely a wonderful outcome. Netflix is now worth $520 billion, making it one of the world's most valuable businesses. If you buy this streaming stock today, could it help you become a millionaire in the future? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Growing at a double-digit pace As a disruptor to the media industry, Netflix has achieved impressive growth historically. The company launched its streaming service in the U.S. in 2007. And by the end of 2024, it had eclipsed 300 million global subscribers. The business has a presence in more than 190 countries across the globe, highlighting its broad reach. Netflix no longer reports its quarterly subscriber metrics. However, the business continues to grow at a double-digit pace. Revenue was up 12.5% in the firset quarter. Management expects a 15.4% year-over-year jump in the current quarter. It's not a surprise that the U.S. and Canada are Netflix's two most mature markets. Naturally, the business might be close to reaching a saturation point in these countries. But there's still potential to penetrate less-developed international markets, particularly in Asia-Pacific and Latin America. As the middle class in these areas keeps growing while broadband internet access expands, Netflix can capture more customers. The leadership team isn't shying away from testing new waters. For example, Netflix no longer allows accounts that share passwords. What's more, the company finally launched an ad-supported streaming option in November 2022, something management said previously that it wouldn't do. This cheaper subscription tier should drive a doubling of ad revenue in 2025, a clear indication of the strong demand and monetization of the lower-cost plan. And more recently, we've seen Netflix cover live sports. The business has rights to show the National Football League's Christmas Day games through 2026. And it has the U.S. rights for the FIFA Women's World Cup in 2027 and 2031. Investors should be realistic about expectations Netflix has become a dominant enterprise. It has built up durable competitive strengths that make it hard to disrupt and that raise the chances of long-term success. Consider the Netflix brand. It's undoubtedly a leader in the media and entertainment space on a worldwide basis. Netflix is also used interchangeably as a verb, showcasing how much consumer mindshare the brand has. Netflix generated $40 billion in trailing-12-month revenue, and as previously mentioned, it has more than 300 million members. This gives it tremendous scale, allowing the business to invest heavily in content at a pace that its competitors can't match. Consequently, Netflix's scale has resulted in huge profits. The financial forecast calls for a 29% operating margin in 2025, with free cash flow of $8 billion planned as well. With so many wonderful qualities, investors might be inclined to buy shares in the hopes that Netflix can one day make them millionaires. But it's best to keep expectations in check. Netflix is a mature company, so it's likely that the pace of growth will continue to slow in the years ahead. That's a reasonable expectation to have. The valuation also doesn't help the cause. As of June 19, the stock trades at an expensive price-to-earnings ratio of about 58. To be fair, Netflix is an outstanding company, but it no longer has the massive upside it did when it was at an earlier stage of its lifecycle. It's worth pointing out that investors shouldn't put all their hope in a single business. Building wealth in the stock market requires a diversified approach. Should you invest $1,000 in Netflix right now? Before you buy stock in Netflix, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Netflix wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $664,089!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $881,731!* Now, it's worth noting Stock Advisor 's total average return is994% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025