The City of Ottawa has signed an agreement with Housing Minister Sean Fraser to secure a share of the $4-billion Housing Accelerator Fund, Mayor Mark Sutcliffe said Wednesday.
The announcement, made during a meeting of city council, comes without financial details, but the city had hoped for $150 million.
"This is excellent news for our city," Sutcliffe told councillors at the end of a short New Year's address.
Sutcliffe said the money will be used to help speed up approval processes and get more housing built.
The $4-billion federal initiative has led Fraser to undertake discussions with mayors across the city, at times encouraging municipalities to loosen up zoning regulations to allow four units on all residential lots.
Ottawa city council voted last year to explore that option.
While the agreement is a done deal, Sutcliffe said his work is not over.
"We must continue to work hard to secure the support we need from other levels of government. This is one of my biggest goals for 2024," he said. "We need the help of both the federal and provincial governments so we can make Ottawa truly a better, safer and more affordable city for everyone."
The housing minister's office said it would not provide any further information at this time, but it looks forward to announcing more details in the "near future."