Chamber Blog

At the Rural Manitoba Economic Development Corporation (RMED), we are committed to uncovering and sharing innovative solutions to the challenges faced by rural communities. We had the privilege of hosting an event in Steinbach, Manitoba recently, to launch our latest case study on the groundbreaking housing initiative at Lexington Village. This project, driven by a remarkable partnership between local business leaders, developers, and the community, offers a pioneering approach to affordable housing.

Event Highlights

We organized the event to bring together community leaders and economic development officers from across rural Manitoba. Our goal was to showcase the success of the Lexington Village housing project and inspire other communities to replicate its innovative solutions. The event was a resounding success, with enthusiastic participation and engagement from all attendees.

Innovative Housing Solution

The Lexington Village project offers a unique financial plan that makes homeownership accessible with an ultra-low one percent down payment and a market price set eight percent below appraised value. This initiative aims to keep families in the community and support economic growth in the region.

Community Support and Economic Growth

Steinbach’s strong, innovative, and giving community has been instrumental in this project. Earl Funk, Mayor of Steinbach, highlighted the community’s role: “Local business is providing solutions and incentives so that young families and newcomers can afford a down payment that brings housing within reach for many who could not otherwise afford it. This initiative also provides a case study for other communities so that they too can work to create housing that is within reach, all in their own backyards.”

Michelle Bezditny, Director of Economic Development at the Steinbach Economic Development Corporation, emphasized the broader economic benefits: “By providing affordable and modern housing options, we not only address the pressing need for quality living spaces but also stimulate economic growth. This development attracts new residents, expands and supports the local workforce, and boosts local businesses by increasing demand for goods and services.”

Case Study: A Resource for All

The case study on the Lexington Village project is now available for download on our website. We encourage communities, developers, and interested parties to explore this comprehensive resource, which details the project’s innovative approach and the significant impact it has had on the community.

Key Highlights of the Lexington Village Project:

• Affordable Housing: Two and three-bedroom detached and townhouse models available with a one percent down payment and prices eight percent below market value.
• Community Support: Local businesses and developers have played a crucial role in making this project a reality.
• Economic Benefits: Increased property tax revenue, spin-off economics, and population growth are expected to bolster the local economy.

How to Learn More

Interested families and communities can learn more about this housing solution at Homes by Olga. The case study can be downloaded from our website at Case Study – RMED (rmedcorp.ca).

A Path Forward

This project stands as an evidence to what can be achieved through collaboration and innovative thinking in rural Manitoba. RMED is dedicated to fostering such initiatives and sharing best practices to drive economic prosperity and improve the quality of life in rural areas.

For more information about RMED and our initiatives, visit www.RMEDCorp.ca.

Read more about the event and its impact on the community in this journalist’s report.

Source: https://rmedcorp.ca/rural-manitoba-innovative-housing-solutions-the-launch-of-lexington-village-case-study/