(Cochrane, AB) - Cochrane Council has directed that the Town retain ownership, at this time, of the municipal lands associated with the Homestead property, following a request from the Cochrane Society for Housing Options (CSHO) to transfer ownership of the lands to the local not-for-profit housing operator. Council further directed Administration to continue working with CSHO to explore alternative approaches that support affordable housing in Cochrane.
CSHO currently owns and operates the Homestead property under a 60-year land lease agreement with the Town at a nominal annual lease rate of $1. The Town retains ownership of the underlying municipal lands.
“Housing affordability is a serious priority for Cochrane, and Council recognizes the important role CSHO plays in supporting residents and families in need of affordable housing,” said Mayor Morgan Nagel. “However, our municipally owned lands are an extremely valuable strategic asset that we cannot give away without absolute certainty that it makes sense. Once we give ownership of these lands to another organization, we will never get them back. That decision will impact Cochrane for generations. At this time, there isn’t a clear business case to justify give away ownership of the land.”
Based on the review completed to date, transferring ownership of the lands could provide CSHO with additional financial flexibility, including potential borrowing capacity. Council’s direction maintains the current lease structure while allowing the Town and CSHO to continue exploring funding, financing, lease-based and project-specific approaches. The Town remains open to future consideration of land transfer or other municipal support as part of continued work with CSHO to confirm project details, financial and planning information, affordable housing outcomes and appropriate public-interest protections.
The Town will continue working with CSHO and other housing partners to explore opportunities that may include lease-based options, project-specific support, social finance, philanthropic investment, funding from senior levels of government and partnerships with non-profit and private-sector housing providers.
“Affordable housing remains an important priority for our community, and CSHO continues to be a valued partner in that work,” said Matt Knox, Director of Social Development, Community Services. “This decision allows us to keep working together on practical approaches that support affordable housing while ensuring future decisions are connected to clear outcomes and sustainable community benefit.”
The Town of Cochrane remains committed to supporting a range of housing options and working with partners on projects that are practical, sustainable and responsive to community needs.
-30-