The federal government has reached an agreement with the City of North Vancouver to fast-track the development of 500 new rental housing units over the next three years.

Ottawa will provide the city with $18.6 million from the Housing Accelerator Fund (HAF) administered by the Canada Mortgage and Housing Corporation.

“The City of North Vancouver’s Action Plan commits to nine local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community,” said the federal government in a news release. “The funding will allow more multiplex homes to be built as-of-right (including up to four, six, and eight units), and allow for higher residential housing density near the urban core and close to transit.”

The deal will also improve the city’s land acquisition and disposition practices to build more affordable homes on city-owned land and prioritize affordable housing projects, according to the news release. North Vancouver’s action plan also includes streamlining developmental approvals, reducing minimum parking requirements for development projects, and removing barriers to building prefabricated housing. 

“This investment advances our shared priorities – to provide new housing options for the community and to make life more affordable for those who call North Vancouver home,” said Jonathan Wilkinson, MP for North Vancouver, who is also the federal energy and natural resources minister.