COLD LAKE - The City of Cold Lake has approved three secondary suites under its new Secondary Suite Development Incentive Program, which aims to expand the availability of rental spaces in the community.
“We developed the program in hopes of seeing some additional rental spaces as our community continues to grow,” says Mayor Craig Copeland. “We are expecting another population burst in the coming years, and we want our housing market to be ready to accommodate both current and new residents.”
Launched in May, the incentive program provides financial support for homeowners to develop secondary suites. To qualify, the suite must be in a properly zoned residential district, have approved development and building permits, comply with all relevant bylaws, building codes, and legislation, not have any tax arrears on the property, and be completed within 12 months, according to an update from the City of Cold Lake.
“Although we only received three applications so far, we are hoping there may still be a few to come,” said Copeland.
The program is capped at $100,000, which allows for the establishment of up to 20 units. The program will run for one year or until the funding cap is reached.
At an April Corporate Priorities Committee meeting, administration reviewed the history of secondary suites and discussed potential strategies to encourage development. The committee requested a policy offering a $5,000 incentive for each new suite or for legalizing existing suites that already exist without permits, according to the City of Cold Lake.
At the May 14 regular council meeting, the Secondary Suite Development Incentive Program Policy received unanimous approval.
