Belleville council hopes to get significant financial support to offer incentives to speed up the construction of new and much needed residential units in the city over the next few years.
Monday council voted to have staff apply for up to $22.3 million from a federal government program known as the Housing Accelerator Fund.
The fund is managed by the Canada Mortgage and Housing Corporation.
If successful the city must commit to several strategies eventually leading to 875 new residential units.
Those strategies include quickly opening up land for new housing, allowing various forms of housing, using the Community Improvement Plan to create more affordable and accessible units, and encouraging infill development.
The Accelerator Fund will pay 25% of the incentives up front and 25% for each of the next three years, providing the city meets its goals along the way.
