Project will result in 1,163 affordable homes. On October 20, 2020 Governor Andrew M. Cuomo announced the completion of the initial phase of the Fountains of Brooklyn project that is being constructed on the site of the State’s former Brooklyn Developmental Center in East New York, which closed in 2015. This project is a 6.7-acre mixed-use complex that will ultimately offer 1,163 affordable homes. The first two completed buildings of the project will include 332 … <Read More>
Search Results for: Affordable Housing and Homelessness
City Shifts Funding to Address Urgent Affordable Housing Needs
$466 million moved back into the 2021 Fiscal Year’s capital budget. On October 22, 2020, Mayor Bill de Blasio announced the acceleration of capital funding within the City’s affordable housing plan by shifting $466 million to the current fiscal year’s capital budget to address urgent affordable housing needs. In March, the City moved $466 million from the Department of Housing Preservation and Developments Fiscal Year 2021 budget to the Fiscal Years 2022 through 2024. However, … <Read More>
City Secures Affordable Housing for Over 16,000 Households
The City has now produced more than 164,000 units or more than 50 percent of the Mayor’s Housing plan to create 300,000 affordable homes by 2026. On April 3, 2020, Housing Preservation and Development announced the preservation of 16,083 affordable homes for New Yorkers.
New York City Finances Over 25,000 Affordable Homes in 2019
The addition of over 25,000 affordable homes brings the City’s total affordable homes financed since 2014 to over 147,000. On February 3, 2020, the Department of Housing Preservation and Development announced that the City financed 25,889 homes in 2019. Of this number, 15,692 affordable homes were preserved and another 10,197 new affordable homes were financed.
Comptroller Stringer Releases Plan to Address City’s Affordable Housing Problems
Universal Affordable Housing would require 25 percent permanently low-income affordable housing in all new development with ten or more units. On January 29, 2020, New York City Comptroller Scott M. Stringer announced a citywide housing strategy to fundamentally realign the City’s approach to the housing crisis. The strategy, coined Housing We Need, will include a universal requirement for 25 percent permanently low-income affordable housing in all as-of-right developments with at least ten units.
Mayor’s Office Announces Conversion of Temporary Homeless Shelters into Permanent Affordable Housing
The conversion is another step in the City’s plan to address the homelessness crisis. On November 19, 2019, the Mayor’s Office announced its transition into the second phase of a plan to convert temporary homeless shelters into permanently affordable housing units. According to the Mayor’s Office, this plan will help not-for-profit housing developers acquire and rehabilitate an additional 14 residential “cluster site” buildings, currently being used to house homeless families, and convert them into over … <Read More>