The Finance and Housing ministries signed an umbrella agreement with Kiryat Bialik, north of Haifa, to fasttrack construction of 7,253 housing units and double the bayside suburb’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 infrastructure for new houses, a process that often slows the process of getting homes on the market.

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

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