Cold Lake, AB – Cold Lake City Council has implemented another policy to incentivize the creation of a mix of housing options in the community.

At its regular council meeting this week, the Secondary Suite Development Incentive Program was passed unanimously. The new policy provides an incentive of $5,000 for each newly-developed secondary suite, or for the legalization of an existing secondary suite for which permits were not obtained at the time of construction.

“Our council has been focused on incentivizing a mix of housing options in our community,” Mayor Craig Copeland said. “Our housing market is skewed towards single detached homes and so we’ve needed to come up with innovative ways to encourage other housing options.”

Council has capped the program at $100,000, providing for 20 units to be established under the program. The program will run for one year, or until the cap has been reached.

To qualify for the program, the suite must be in an appropriately zoned residential district, must have approved development and building permits, the project must comply with all relevant bylaws, building codes and legislation, the property must not be in tax arrears, and the project must be completed within 12 months.

“Providing a mix of housing will allow for people to take affordable steps towards home ownership and will help to build a resilient community with sustainable, affordable housing options,” Copeland said.

In March, Council passed the Multiunit Rental Housing Incentive Program, which provides for up to $10,000 per rental unit created where the project includes at least four units that will stay on the rental market for a minimum of five years.

For more information about the Secondary Suite Development Incentive, email planning@coldlake.com.

- 30 -