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By rdnewsNOW Staff

BUILDING PERMIT REBATE

Apartment Incentive Grant Program approved in Sylvan Lake

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.

The Town’s HAAP has budgeted about $330,000 for this initiative. Grants will be awarded on a first come, first serve basis and, as part of the HAF agreement, the targets for each initiative must be met by January 30, 2027, with funds fully distributed by January 30, 2028.

$5,000 TO $25,000 AVAILABLE

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Applicants have until December 31, 2027 to submit written confirmation that the framing stage of construction has been inspected and approved to receive the second half of the fee rebate.

Residential apartment projects containing a minimum of six self-contained residential units that are located in the following districts may apply for the program:

• Medium Density Residential (R2)
• High Density Residential (R3)
• Waterfront Direct Control (W-DC)
• 50th Street Direct Control (DC-50)
• DC-2 Direct Control

Mixed-use projects with a residential component containing a minimum of six self-contained residential units located in the following districts may also apply for the program:

• Waterfront Direct Control (W-DC)
• 50 Street Direct Control (DC-50)
• DC-1 Direct Control

Only the residential component of a mixed use project is eligible for the grant.

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