KITCHENER -- The City of Kitchener has announced a new financial plan to help stimulate economic recovery.

The $110-million fund would help with job growth, business recovery and affordable housing because of cancellations, closures and job losses as a result of the COVID-19 pandemic.

City staff said they have a plan to get the money that won't result in tax increases.

A staff report shows they plan to get the money by taking $10 million from the Economic Development Reserve, borrowing $20 million and selling surplus city-owned to get around $80 million.

The fund is expected to last about a decade, until 2030.

The money will be used for various projects to help residents and businesses get back on their feet. The city said its number one priority is affordable housing.

Around 40,000 people in Waterloo Region were unemployed at the peak of the pandemic.

The details of the proposed fund will be presented to city council next week.