The Finance and Housing Ministries signed an umbrella agreement with Kiryat Bialik to fast-track the building of 7,253 new units, and double the city’s population.

Umbrella agreements are one prong of the strategy to bring down the cost of housing, which has soared in recent years. It provides local authorities upfront funding for building local infrastructure for new houses, a process which often slows the process of getting houses on the market.

The latest agreement brings the total number of units planned through umbrella agreements to 42,000.

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