The federal government is topping up its Apartment Construction Loan program by $15 billion.

The move comes after Ottawa earmarked $15 billion for the fund last fall.

“With this top-up, the program’s financing is on track to build over 131,000 new apartments within the next decade,” said the Prime Minister’s Office in a news release.

Ottawa also announced reforms to the program, including extended loan terms, extending access to funding to students and seniors, a portfolio approach allowing developers to move forward on multiple projects at once and frequent-builder stream to fast-track applications for proven builders.

The government will also launch the Canada Builds, mirroring the B.C. Builds program, and provide matching funds to provinces and territories that launch their own housing plans.

Canada’s Apartment Construction Loan program is administered by the Canada Mortgage and Housing Corporation.