The federal government has reached an agreement with the City of Richmond to fast-track the development of 1,000 new rental housing units in the next three years.

Ottawa will provide the city with $36 million from the Housing Accelerator Fund (HAF) administered by the Canada Mortgage and Housing Corporation.

“The funding will help the city implement eight specific initiatives to fast-track the creation of new housing units which will span the range of affordable home ownership — from market rentals, to non-market and low-end market rentals, to those needing supportive housing,” Richmond Mayor Malcolm Brodie said in a news release.

“Through council’s steadfast commitment to existing and evolving strategies, policies and actions, our goal continues — to facilitate residential communities that are affordable and desirable to live in, with the amenities that fit peoples’ needs for sustainable and healthy living.”

In addition to fast-tracking development applications, the city will provide grants to support building new rental homes, co-operative housing and co-housing communities, and create an affordable home ownership program. The funding will also support a number of zoning reforms, local area plans and permitting-process optimization through the use of technology and software.