Apartment Incentive Grant Program approved in Sylvan Lake

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By rdnewsNOW Staff

BUILDING PERMIT REBATE

Jul 9, 2024 | 4:06 PM

Sylvan Lake town council has voted to accept an Apartment Incentive Grant Program intended to incentivize developers to move forward with multi-unit projects by offering a rebate equal to the cost of the building permit fees.

City officials say these fees would typically be paid by the applicant and can exceed $70,000 for larger projects. The rebate will be distributed in two phases: applicants will receive a 50 per cent fee rebate upon the issuing of the building permit, and the other 50 per cent upon inspection and approval of the framing stage of construction.

The intention of this payment structure is to provide the applicant with sufficient initial savings to support the project, but still encourage the units to actually get built.

The grant program is one component of the Town’s Housing Accelerator Action Plan (HAAP), which is funded by the Housing Accelerator Fund (HAF). This specific initiative applies to the multi-unit housing target of 197 units by January 30, 2027.

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