The Town of Hay River has announced a new $2-million grants program to encourage housing development in the community.
In a Wednesday news release, the town said its Residential Development Grants Program will incentivize property owners and developers to build multi-family dwellings or accessory dwelling units, which are usually defined as second, smaller properties on the same lot as another home.
“We recognize the urgent need for more housing options in our community and these grants are a vital step towards addressing that need,” Mayor Kandis Jameson said in a statement.
“By providing financial support, we aim to encourage developers to invest in our community and enhance the quality of life for all residents.”
The program will be “unit-based,” the town said, and offer grants of up to $35,000 for new multi-family residential units and $20,000 for accessory dwelling units.
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The town said applications for the grants will open at a date to be announced in October.
Hay River received $2 million from the federal Housing Accelerator Fund in April to support its target of adding 30 units to the community’s housing supply over three years.
The town said at the time it aimed to use the funding to incentivize construction of multi-residential units, which is a focus of its strategic housing plan.
The town is working to increase the amount of land available for residential development. Some lots in Fraser Place are expected to go on sale in October.
