The City of Cold Lake has approved the first four applications under a new Multi-Unit Rental Incentive program.
Each application is for a four-plex on 16 Street, resulting in 16 total units.
Officials said that together, the applications will provide the builder with a $240,000 incentive once the buildings are built and receive permits for occupancy.
The program received a boost in April, allowing it to offer builders $15,000 per unit as an incentive grant. To qualify, projects must result in at least four new rental units, and those must stay on the rental market for at least five years.
“Staff are seeing a very large increase in interest in this program, with a significant number of inquiries for new projects,” said Mayor Bob Mattice.
“It is encouraging to see that this program is now on people’s radar, as demand for rental units has been on the upswing and these can be difficult housing options to establish in rural communities.”
Cold Lake City Council re-introduced the Multi-Unit Rental Incentive program in 2024, with officials saying that decision was made to make sure it was available to builders and investors as the community grew, with workers moving to the region to work on 4 Wing Cold Lake. Officials said with more workers arriving in the community, rentals have been rising, and investors are eyeing opportunities for new multi-family developments.
The incentive is one tool being used to offer a wide range of housing options in the region.
A prior iteration of the program resulted in 318 rental units being built, thanks to 10 applications in 2013 and 2014. Officials said that at that time, the program was put in place due to an extended period of increased activity in the community due to a major project happening in the nearby oilpatch.
“We have seen these spikes in activity before, and our council has been focused on preparing for the growth that we’ve known is coming,” Mattice said.
“It’s encouraging to see investors respond.”
After the latest four applications were approved, 84 units remain in the Multi-Unit Rental Incentive program. Applications and funding are available on a first-come, first-serve basis, and more information is available on the City of Cold Lake website.
Those interested can also contact the City’s Economic Development Department at ecdev@coldlake.com.
