We are taking action on the housing crisis.

On Jan. 7, Council approved a purpose-built rentals incentive policy which aims to increase the availability of rental units in our community. The policy will allow a grant equivalent to 75% of municipal property taxes for a period of up to 10 years. In order to qualify, 95% of units must be rented long-term to primary residents of Canmore.

In order for a property to qualify for the incentive, it must meet the following criteria:

• An annual report is required within 30 days after the calendar year end, including supporting documents, confirming 95% of units provided are long-term rental accommodation.
• Grant eligibility starts upon issuance of Occupancy Certificate and signing of the agreement, with proof that 95% of units provide long-term rental accommodation and are rented to primary residents of Canmore.
• Project must result in added floor space to an existing building, a new building, or renovation of existing floor space to provide purpose-built rental housing of three or more units.
• The value of the construction must be $300,000 or more.