The constructed and preserved affordable housing units by borough. Image credit: The Office of Mayor Bill de Blasio

The Mayor’s Administration is ahead of schedule in achieving its goal to build 200,000 affordable homes in 10 years. On July 26, 2016, Mayor Bill de Blasio announced an update on the progress that has been made to achieve the goals set forth in his Housing New York plan, which seeks to build 200,000 affordable homes in 10 years. The Housing New York plan met the conclusion of its second fiscal year on June 30, 2016.  For CityLand’s previous coverage on the Housing New York plan, click here and here.

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HDC approves the financing to fund 2,226 units of affordable housing. On June 16, 2014, the Board of Directors of the New York City Housing Development Corporation approved the financing for projects in Manhattan, the Bronx, and Brooklyn which will consist of $2756 million in bonds and $88.7 million in subordinate financing for HDC. The money will be used to construct eleven new buildings with 1,259 affordable housing units and preserve and protect seven projects with 967 units of existing affordable housing. (read more…)