The Jerusalem City Council approved an agreement on Thursday to build 23,000 new housing units as well as some three million square meters’ worth of commercial, employment and hotel space.
The agreement comes in exchange for signing the “roof agreement.” The Finance Ministry, the Israel Land Authority and the Jerusalem Municipality will receive about NIS 1.4 billion, to be allocated for the establishment and development of infrastructure, upgrade of transportation in the city, and establishment of public spaces and buildings within the municipal boundaries.
Approximately 8,000 housing units are to be allocated for strictly Orthodox neighborhoods in the city. Around 15,000 housing units are to be built in secular neighborhoods.
Around 2,500 residential units are to be built under the “Reches Lavan” (White Ridge) project, using supplemental land.
The Jerusalem municipality is also to receive some NIS 600 million in funding from the Israel Lands Authority for development of the city, according to The Marker.