Hay River To Release $2M in Residential Building Grants
September 25, 2024
For Immediate Release
Town of Hay River Introduces $2 million to Accelerate Residential Housing Growth
Hay River, NT – The Town of Hay River is excited to announce the approval of its new Residential Development Grants Program, aimed at encouraging the construction of additional residential units within the community. This initiative will contribute $2 Million in financial incentives to eligible property owners and developers through unit-based grants for new multiunit residential projects.
The Residential Development Grants are designed to stimulate housing growth by offering contributions for the creation of multi-family dwellings, accessory dwelling units, and retrofits of buildings resulting in incremental multi-family dwellings. The program supports the Town’s Strategic Housing Plan by increasing the availability of affordable, diverse housing options while promoting sustainable development.
Key Features of the Program Include:
• Funding Amounts: Grants of up to $35,000 for new multi-family residential units and $20,000 for accessory dwelling units.
• Eligibility Criteria: Property owners and developers in good standing with the Town can apply, provided their projects meet specified requirements.
• Timely Approvals: Applications will be reviewed promptly, with funding provided upon meeting key milestones in the construction process.
“We recognize the urgent need for more housing options in our community, and these grants are a vital step towards addressing that need,” said Mayor Jameson of the Town of Hay River. “By providing financial support, we aim to encourage developers to invest in our community and enhance the quality of life for all residents.”
Applications for the Residential Development Grants will be available at a date to be announced in October 2024. The first step in the phased approach is a call for applications for multi family residential housing developments which will be issued in October.
For more information about the Residential Development Grants Program, please contact our Housing Coordinator at housingcoordinator@hayriver.com or visit www.hayriver.com/planning
About the Town of Hay River:
The Town of Hay River is committed to fostering a vibrant community by enhancing economic development, supporting local initiatives, and improving the quality of life for its residents.