Rental incentive approves grants for 16 units

Cold Lake, AB – Cold Lake approved its first applications under the new multi-unit rental incentive program.

At its Regular Council Meeting held last week, Council approved four applications for rental units on 16 Street. Each application is for a four-plex. Together, the applications will provide the builder with a $240,000 incentive once the buildings are completed and receive permits for occupancy.

The program was boosted in April this year so that it could offer builders $15,000 per unit as an incentive grant. To qualify, projects must result in at least four new rental units which must stay on the rental market for at least five years. Interested applicants are advised to work with city staff to ensure space remains in the program and that a qualifying application is submitted.

“Staff are seeing a very large increase in interest in this program, with a significant number of inquiries for new projects,” Mayor Bob Mattice said. “It is encouraging to see that this program is now on people’s radar, as demand for rental units has been on the upswing and these can be difficult housing options to establish in rural communities.”

Cold Lake City Council re-introduced the Multi-Unit Rental Incentive program in 2024 to ensure it was available to builders and investors as the community approached a point where workers would be moving to the region to work on 4 Wing Cold Lake. With workers beginning to come to the community, rents have been rising and investors are eyeing opportunities for new multi-family developments. The incentive program is one tool Council is using to help develop a wide variety of housing options for the community.

A previous iteration of the program resulted in 318 rental units being built as a result of 10 applications in 2013 and 2014. At that time, the program was put in place due to an extended period of increased activity in the community because of a major project in the nearby oilpatch.

“We have seen these spikes in activity before, and our council has been focused on preparing for the growth that we’ve known is coming,” Mattice said. “It’s encouraging to see investors respond.”

After the four recent applications were approved, 84 units remain in the City’s Multi-Unit Rental Incentive Program. Applications and funding are available on a first-come, first-served basis. For more information about the city’s incentive programs, visit www.coldlake.com/incentives or contact the City’s Economic Development Department at ecdev@coldlake.com.

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