As Cold Lake anticipates significant economic growth in the coming years, concerns about housing availability and affordability have come to the forefront of the city’s agenda. The council is contemplating reintroducing an updated Multiunit Rental Housing Incentive Program to address these concerns.
This program, previously implemented in 2013, proved successful in stimulating the construction of 318 new rental units before being discontinued in 2017 due to the economic downturn. Mayor Craig Copeland emphasized the importance of diversifying housing options in the community, particularly as developers often favor single detached houses over multiunit developments.
With anticipated economic activity stemming from various projects, such as the F-35 delivery to 4 Wing Cold Lake and a planned carbon capture initiative, the council expects a surge in growth for the city.
Under the proposed program, developers would receive a grant of $10,000 per new dwelling unit for projects consisting of at least four rental units. Eligible criteria include zoning requirements, new construction mandates, and a commitment to maintain the property as a rental for at least five years.
The policy, subject to further debate and refinement by the council, aims to address an impending housing crunch and ensure the city remains inclusive and accessible. Copelands underscored the importance of preemptively preventing affordability issues from displacing residents.