The City Council and Department of Housing Preservation and Development has promised $14 million in city funds for rehabilitating damaged affordable housing apartment buildings. The funds aim to save buildings from foreclosure due to building violations or mortgage delinquency. Foreclosed properties can be auctioned off by the federal Department of Housing and Urban Development, which often results in their becoming market-rate rentals. The funds will go to 500 apartments across the city that receive Section 8 subsidies. more [NYDN]
City pledges $14M for affordable apartments
August 21, 2007 12:00AM
