Bloomberg outlines affordable housing funding plans

New York /
Mar.March 01, 2010 09:33 AM

The Bloomberg administration is planning to use the sluggish residential development market to its advantage by offering incentives to developers who build affordable housing, the mayor said in his weekly radio address on 1010 WINS. “In today’s economy, incentives that our City’s Department of Housing Preservation and Development can offer in exchange for affordability commitments… look a lot more attractive,” he explained. His administration is aiming to build or preserve half a million affordable housing units by 2014, and he said it is on track to do that. On the distressed housing front, the city is converting stalled condo projects into even more affordable housing, and has slotted $750 million for low-cost refinancing and repair loans that will encourage multi-family building owners in danger of default to prevent apartments from deteriorating. To pay for all of this by the 2014 goal, the city’s Housing Development Corporation will provide $1 billion in funds, none of which will come from taxpayers, Bloomberg said. In addition, the New York City Housing Authority is on its way to securing $100 million per year in Federal funds to upgrade and maintain 18,000 public housing units, thanks to the recently-passed bill in the State Legislature, supporting the bid, he added. TRD


Related Articles

arrow_forward_ios
NY fighting LA for housing bucks in Biden’s aid package
NY fighting LA for housing bucks in Biden’s aid package
NY fighting LA for housing bucks in Biden’s aid package
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
NYCHA approves $60M, 101-unit affordable development in Bronx
NYCHA approves $60M, 101-unit affordable development in Bronx
NYCHA approves $60M, 101-unit affordable development in Bronx
(Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
No-bid contracts ripe for corruption at NYCHA buildings: investigators
No-bid contracts ripe for corruption at NYCHA buildings: investigators
Sen. Chuck Schumer (Getty)
Chuck Schumer calls for $80B in public housing funding
Chuck Schumer calls for $80B in public housing funding
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...