The City of Calgary has paused its highly successful and widely praised downtown office-conversion program after using up the budget for it.

“Existing applications to the program – approved and under review – exceed current available funding,” said the city in a news release.

The Downtown Development Incentive Program has rewarded developers that convert office space to residential, hotel, school and performing arts centre properties. The city said it has committed $153 million to DIP, approving 13 projects with four more in the review process.

If all are approved, they will create 2,300 homes for Calgarians, remove 2.3 million square feet of downtown office space and leverage $567 million of private investment..

Several other jurisdictions have looked to emulate DIP as they contemplate creating similar programs. DIP has helped reduce Calgary’s B and C class office vacancy, said Avison Young in a September report.

Sheryl McMullen, the program’s head, said officials will use the pause to better align DIP with the city’s commitment to accelerate more student, market and non-market housing development.