A report on the possibility of creating a housing corporation in Okotoks is delayed as the Town navigates what it says is a complex process.
Town staff were to present a business plan and financial model for a municipally-controlled housing corporation in June but asked for a five-month extension during the Town’s council meeting on June 24.
“We had anticipated having that work completed and ready to bring forward to council no later than June 30,” social planner Michelle Grenwich said. “Unfortunately, we have not quite achieved that."
She asked for an extension to November but said the report should be finished sooner.
“It does require a high degree of scrutiny and analysis,” she said. “However, we do intend to bring it forward by the end of August.”
The corporation would focus on affordable housing, which is a high priority in Okotoks, CAO Elaine Vincent said.
Coun. Brent Robinson said he wants to see the report in “a quality and thorough fashion" but also as "expeditiously as possible.”
Extra time is required to ensure council has enough information to make a decision on the project, the Town said, and council agreed to the new timeline.
Last November, the Town decided to examine the possibility of creating an arms-length, municipally-controlled corporation for the creation and operation of below-market housing units.
At the time, Town staff said it would address a gap in the rental market for below market housing options.
If the Town moves ahead, the corporation will operate apart from the day-to-day operations of the Town, which would approve budgets and business plans, but not be involved in any operating decisions.
