Housing Accelerator Fund
The Town of Bow Island is pleased to announce an agreement has been reached with CMHC to fast-track housing construction under the Housing Accelerator Fund (HAF). The HAF will provide Bow Island up to $1,568,000 over 4 years towards initiatives that increase the housing supply in Bow Island.
The Town has agreed to set a target of 60 permitted units, of which 51 must be “Missing Middle” housing units, over the next 4 years. Missing Middle is defined as duplexes, multi-unit homes, secondary suites, and low-rise apartment buildings. Over the next few months, the Town will be making announcements for various initiatives including:
• Construction of more residential lots for Missing Middle housing.
• An incentive program to encourage faster housing development.
• Modernization of the Land Use Bylaw.
• A 4 Year HAF Spending Plan.
“Bow Island’s business and public service sectors continue to grow, increasing the demand for housing, especially rental units for the many job vacancies in our community. The HAF will enable the Town to create affordable, shovel ready lots for developers looking to Build Now in Bow Island and be part of our exciting future.” Mayor Gordon Reynolds