After a seven-year break, the Multi-unit Rental Housing Incentive Program is returning to Cold Lake and aims to address the impending pressure on the local housing supply.
Cold Lake Mayor Craig Copeland announced the reinstatement program, emphasizing its potential to stimulate the creation of more qualified rental units in the city.
“We are anticipating a lot of pressure on the local housing supply over the next three to five years,” stated Copeland. “This program will ideally encourage people to create more qualified rental units in our city. The last time we introduced this program, it was quite popular.”
A recent presentation to the council projected a significant increase in price and demand for rental units in the community based on the current number of available rental units. The potential for rising rates heightened with an expected influx of residents over the next few years, attributed to 4 Wing’s infrastructure upgrades and the potential carbon capture and storage projects.
“It’s exciting to see the potential for large growth in our community again, and we want to be ahead of things when it comes to infrastructure and basic living needs, like a roof over your head,” Copeland added.
Under the revived program, a $10,000 incentive per new rental dwelling unit will be provided; however, to qualify for the grant funding, building projects must meet several criteria, including new constructions resulting in the creation of at least four new rental dwelling units. Additionally, the project must remain a rental property for at least five years from the date occupancy is issued and must be in sites zoned for residential or mixed-use purposes.
After launching in 2013, the program stimulated the development of new rental dwelling units, with applications for 476 new units. Following these applications, 318 units were built and occupied; however, some approved projects failed to meet the criteria, with 16 units being disqualified due to conversion into condominiums upon completion.
Individuals interested in applying for the incentive program can contact the Planning and Development department at [email protected].
The reintroduction of the Multi-unit Rental Housing Incentive Program in Cold Lake signifies a proactive approach by local authorities to address the imminent housing challenges and ensure sustainable growth in the community. As the city braces for an influx of residents, officials say initiatives like these are “crucial” in meeting the evolving housing needs of its residents.