CITY OF COLD LAKE RELEASE:
Two new building incentives were discussed by council, as a way to encourage new home development and revitalize the properties of abandoned properties.
The Starter Home Incentive Policy, if passed by Council, would focus on building small, affordable homes in the area to help get residents and families into the housing market.
“The housing market can be quite challenging to break into, and so it’s important for a community to have a variety of housing options,” said Mayor Craig Copeland. “We’re hoping this policy will create some more affordable homes for people who don’t already have equity built up in real estate.”
The draft Starter Home Incentive Program is geared toward creating single detached homes, with a smaller footprint, or row housing with up to three units. As proposed, the draft policy considers that a qualifying starter home would have up to 1,400 square feet of above-ground floor area and take up a footprint of 700 square feet or less. Row houses of up to three dwellings may also be considered. As a starting point, the policy is aimed at homes with a sale price of $350,000 or less.
In exchange for the creation of these starter homes, the policy would rebate the first homeowner’s municipal taxes over the first three years of ownership and refund the builder a portion of the development permit costs incurred.
The full policy will return to a future council meeting for any changes and a decision on whether council will move forward.
The second incentive program focuses on derelict residential properties, where homes have been abandoned and renovation or redevelopment is hindered by the cost of demolition. Faced with several options to consider, Council opted to pursue the idea of waiving or rebating landfill fees for the demolition of approved derelict buildings, up to the amount of $10,000.
“Some buildings can’t be saved, and the cost to remove them is high,” said Copeland. “At least this way we can try and alleviate some of the costs in order to bring the property back to something that make sense to develop again.”
Details of the draft policy will return to a future council meeting for changes or approval.
For more information on other building incentive programs offered by the City of Cold Lake, visit www.coldlake.com/buildingincentives
