The Town of Magrath has moved one step closer to the sale of its first units in a new affordable housing development.
CAO Wade Alston said the town could begin taking applications for the 16 units in Wildrose Place, located in a new residential subdivision behind the seniors centre on mainstreet, as soon as next week.
“We’re just finalizing the documents.”
Once everything has been finalized with town council and the provincial government, the town will begin taking applications for the units which are housed in eight duplexes.
In order to be considered, applicants must have an income threshold of $36,500 a year or less. There is also an age threshold, applicants must be 55 years of age or older. In the case of a couple, at least one has to meet the age requirement.
The project has been in the works since September 2010 and the town has until this August to complete the project. The province provided a grant of $1.76 million for the construction with the town providing bridging financing until all the units are sold.
“It’s not going to cost the taxpayers anything.”
Based on a cost recovery model, the sale of the units will pay back the town for its interim financing of the portion of the project not covered by the grant funding.
“It’s quite unique in this part of southern Alberta.”
Alston said once the town can begin accepting applications to purchase the units it will be advertising in the News and on the town’s website.
He said he is already getting calls on the units.
“We have a long list of potential residents.”
Water open house
In other council news the town will host an open house on Thursday, Feb. 9 in council chambers to discuss the 2012 water rates. Residents are encouraged to attend the meeting to learn more about the new water commission, in the process of being set up, and the rates being considered in the 2012 town budget.
Alston said town council will also be talking about the overall water situation and would like input from town residents.