Cold Lake, AB – Cold Lake is looking to incentivize more variety in housing options for people looking to buy a home in the city.

The Starter Home Incentive Program Policy aims to promote construction of homes with smaller floorplans and reduced price tags.

“We’re looking to create more affordable home opportunities for people who are looking to buy into the housing market,” said Mayor Craig Copeland. “Housing is a hot commodity in town, and we want to do what we can to create more opportunities for people to have affordable options.”

The program will provide a tax rebate incentive for three years of municipal taxes to builders who are creating houses that fit the following parameters:

• 800 sqft maximum footprint, with a maximum of 1,600 sqft above-ground floor space.
• Sale price limited to $380,000 or less.

The three-year tax rebate will be passed on to the home’s first buyer from the builder, helping reduce the initial burden of living costs associated with home ownership. However, the incentive will not be transferred to a second buyer, should there be one within the three years.

For more information on applying for this program, or to see other building incentives offered by the City of Cold Lake, visit www.coldlake.com/buildingincentives

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