The federal government is fast-tracking the development of 2,600 new housing units in Halifax over the next three years.

Ottawa will provide $79.3 million under an agreement announced Thursday with the Halifax Regional Municipality. Many of the units are expected to comprise rental apartments, affordable housing and student housing.

“This work will help spur the construction of over 8,866 homes over the next decade,” said the federal government in a news release.

The funds are being provided through the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund. HRM has agreed to improve permitting processes, reduce upfront costs for permitting, and incentivize the use of pre-approved building plans.

Plans also call for HRM to increase density on single lots, create incentives for commercial-to-residential conversions and small-scale residential projects, encourage transit-oriented development and put more, higher-density student rental housing near post-secondary institutions.

HRM also agreed to create an affordable housing strategy, including a non-market component, and permit taller apartment buildings.