Cold Lake city council has approved a $5,000 funding application for the development of a new basement suite at 201 21st Street under the Secondary Suite Development Incentive Program.
The grant, designed to encourage the creation of additional housing options, marks the latest initiative in the city’s efforts to address housing needs.
The incentive program, introduced in May of this year, provides financial assistance to homeowners seeking to create secondary suites. To qualify, the property must meet strict criteria, including zoning requirements, compliance with all bylaws and building codes, and the completion of construction within 12 months. Properties must have no outstanding property taxes and secure the necessary development and building permits.
During the November 12 council meeting, Andrew Serba, Strategic Initiatives Manager for the city, presented the application for funding. “This suite has already received its necessary permits for construction, and administration has no concerns with the eligibility of this application, so we’re recommending that council approve this property for participation in that program to receive the $5,000 grant,” Serba explained.
The development permit for the basement suite was approved on October 28, with a building permit expected to follow shortly. The Council unanimously approved the funding application, confirming that the project met all eligibility requirements.
With the approval, a total of $20,000 has been allocated from the $100,000 budgeted for the Secondary Suite Development Incentive Program in 2024.
The program, which was first discussed in April by the Corporate Priorities Committee, aims to both encourage the development of new suites and legalize unpermitted existing ones. The city hopes the initiative will expand housing availability and provide more options for residents.
For more information on the Incentive program, visit the city’s website.
