The newly launched Secondary Suite Development Incentive Program has approved its first three secondary suites, signaling a positive start to the initiative aimed at increasing rental spaces in the community. Announced on July 17, this program was designed to support the growing population of Cold Lake.
“We developed the program in hopes of seeing some additional rental spaces as our community continues to grow,” stated Mayor Craig Copeland. “We are expecting another population burst in the coming years, and we want our housing market to be ready to accommodate both current and new residents.”
Launched in May, the incentive program required that secondary suites meet specific criteria to qualify. The suite must be in an appropriately zoned residential district, have approved development and building permits, comply with all relevant bylaws, building codes, and legislation, and the property must not be in tax arrears. Additionally, the project must be completed within 12 months.
“Although we only received three applications so far, we are hoping there may still be a few to come,” said Copeland.
The program, capped at $100,000, aims to establish up to 20 units and will run for one year or until the cap is reached.
