There's no set release date for the update yet, But here's what you can expect with it!
New Item: Cross.
When Placed: Reduces chance of roaming/room changes.
When Held: Reduces ghost Chase speed in a hunt, But makes the ghost hunt slightly longer.
There are also 2 upgrades for it.
UPGRADE 1: Increased Placed Area of Effect.
UPGRADE 2: Increased Held Area of Effect + Further reduces Roaming chance.
Since you can play with or without hunts, I wanted to make it useful for both modes.
It's also in it's own, new category: DEFENSIVE. 
10 New Ghost Types.
New Small Map: The Police Station
And that's all the Major Content for V0.7.0 - the Urban Update Part 1!
I'll make a new post with the release date once it's ready!
I'm aiming for a Late February to mid-March release.