Housing Accelerator Fund
We've received funding through the Housing Accelerator Fund (HAF) from the Canada Mortgage and Housing Corporation (CMHC) and the Government of Canada. Sylvan Lake will receive $5,485,430 to address housing affordability and challenges within our community.
This process is still in the early planning stages.
Great! What does this mean?
By receiving the HAF Funding, the Town has committed to implementing the approved Action Plan that includes seven initiatives that will help build more homes faster in Sylvan Lake. The Action Plan’s initiatives include:
- Providing financial incentives for targeted housing types
- Streamlining application processes
- Amending the Land Use Bylaw to increase opportunities for the development of secondary suites
- Replacing direct control districts supporting diverse types of housing development in our downtown.
What is the Action Plan?
The Action Plan consists of seven proposed initiatives:
- New permitting software - to support digital processes and streamlined application processes
- Direct Control Rezoning - proposes to replace the Waterfront Direct Control District and DC-50 with standardized land use districts that provide applicants with clear regulations and greater approval certainty
- Apartment Incentive Program - intended to support the development of new apartment projects by refunding permit fees to developers making their projects more financially feasible
- Amendments to the Land Use Bylaw - supporting more opportunities for secondary suite development
- Secondary Suite Loan Program - provide interest free loans to qualified applicants to construct secondary suites in new or existing dwellings
- Multi-Family Housing incentive - offers a municipal tax exemption grant for "missing middle" housing (attached housing types)
- Dollars for Doors Program - providing a grant accessible to non-profit housing providers and private sector developers for each affordable unit built
These initiatives are still in the early planning stages. We will continue to add details and information as the project evolves. Sign up to follow the project and never miss an update!
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Helping build more homes, faster in Sylvan Lake
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The Town of Sylvan Lake is one of six Alberta communities receiving funding from the Government of Canada to address housing challenges.
"I am thrilled that our community has been awarded this support from the Government of Canada through the Housing Accelerator Fund. This significant investment will revolutionize the landscape of housing in Sylvan Lake, not only for the duration of the program but for generations to come. With this incredible support, we can streamline application processes, offer incentives for the development of diverse housing products, and extend assistance to both non-profit and private sector developers in constructing new affordable units.
At the heart of all of this is our unwavering belief that everyone deserves a place to call home. This grant will allow us to fulfill this fundamental right for more Sylvan Lakers in the years ahead. Together, we are building a future where secure housing is within reach for all members of our community." - Mayor Megan Hanson, Town of Sylvan Lake
Visit the CMHC website for full details on this announcement.
