Manitoba's provincial government is launching a financial incentive for developers building both private and non-profit rental housing.

The province is allocating $176.5 million over the next five years to create the rental housing construction incentive, which will provide a refundable tax credit of $8,500 for each new rental unit, and an additional credit of $5,000 for affordable units.

Housing Minister Bernadette Smith hopes the program will help jump-start rental housing construction and bring thousands of units online.

"We want to see housing built. There's a need right across our province," Smith told reporters at a news conference on Thursday.

The province hopes the credit will help offset construction costs that have soared due to inflation, tariffs and supply-chain challenges,

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