COLD LAKE - The Multi-unit Rental Housing Incentive Program is set to make a comeback in Cold Lake after a seven-year hiatus, with City officials hoping it will spur development and address the growing demand for rental units in the community.
City of Cold Lake Mayor Craig Copeland is optimistic about the program's impact, saying, “We are anticipating a lot of pressure on the local housing supply over the next three to five years. 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 City council projected a significant increase in price and demand for rental units based on current availability. This surge is expected due to infrastructure upgrades at 4 Wing airbase and a proposed carbon capture and storage project in the area, leading to an influx of residents in the coming years, according to the City of Cold Lake.
Copeland emphasized the importance of staying ahead of infrastructure needs, stating, “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.”
At the City of Cold Lake's regular council meeting on March 26, Andrew Jabs, Land Use Planning, Development, and Regulatory Services manager, highlighted the success of past initiatives, stating, “In 2013 and 2014, when the previously approved policy offered up to $5,000 for each dwelling when constructing more than 13 units, a total of 318 units were constructed and occupied.”
The City’s CAO, Kevin Nagoya, outlined the program's objectives and potential impact on the community, stating, “We have already met with a few investors that have expressed interest in this program. Whether they'll come to fruition or not, that will be seen once the policy is passed and we had some good conversations and interest in investment within the community.”
The program could fund up to 100 rental dwelling units for an initial one-year period or until the maximum number of units is reached, aiming to stimulate investment and meet the growing demand for rental housing in Cold Lake.
For more information on applying for the incentive program, interested parties can contact the City’s Planning and Development department.
