Rental housing incentive returns: City

The Multiunit Rental Housing Incentive Program is returning to Cold Lake after a seven-year pause.

“We are anticipating a lot of pressure on the local housing supply over the next three to five years,” said Mayor Craig 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 council projected a high increase in price and demand for rental units in the community, based on the current number of rental units available. The possibility of rising rates increased dramatically with an influx of residents expected over the next few years due to 4 Wing’s infrastructure upgrades and the potential carbon capture and storage project.

“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,” said Copeland.

The grant will give a $10,000 incentive per new rental dwelling unit. To qualify for the grant funding, a building project needs to meet several criteria, including but not limited to:

• The project must be new construction and result in the creation of at least four new rental dwelling units
• The project must remain as a rental property for a minimum of five years from the date on which occupancy is issued.
• Site zoned R3-Medium Density Residential, R4-High Density Residential, RMX-Residential Mixed Use, C1-Downtown Commercial, or LC-Lakeshore Commercial

In 2013, the program was launched to stimulate the development of new rental dwelling units, and saw applications for 476 new units. From those applications, 318 were built and occupied. Of those that were approved but not funded, 16 were constructed but disqualified due to being converted into a condominium upon completion.

Anyone interested in more information on applying for the incentive program can contact Planning and Development at planning@coldlake.com