Bloomberg outlines affordable housing funding plans

TRD 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
HUD's Lynne Patton and of Frederick Douglass Houses resident Claudia Perez (Getty; RNC)

NYCHA tenants say they were duped into RNC video appearance

NYCHA tenants say they were duped into RNC video appearance
New York City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty)

City’s housing plan suffers major blow in “painful” budget

City’s housing plan suffers major blow in “painful” budget
Michael Bloomberg and the Westlands in Meeker, Colorado (Credit: Bloomberg by Toni L. Sandys/The Washington Post via Getty Images)

Michael Bloomberg picks up $44M estate in Colorado

Michael Bloomberg picks up $44M estate in Colorado
NYCHA CEO Gregory Russ and NYCHA houses (Credit: Minneapolis Public Housing Authority, Spencer Platt/Getty Images)

NYCHA tenants with zero income pay zero rent

NYCHA tenants with zero income pay zero rent
New York City Deputy Mayor of Housing and Economic Development Vicki Been and New York state Sen. Brad Hoylman (Credit: Been via NYU; Hoylman by Roy Rochlin/Getty Images)

Chorus for moratorium on evictions grows louder in New York

Chorus for moratorium on evictions grows louder in New York
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights

NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights

NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
The Red Hook NYCHA Houses in Brooklyn (Credit: Jim.henderson via Wikipedia)

NYCHA hit with class action alleging “deplorable” conditions

NYCHA hit with class action alleging “deplorable” conditions
A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)

New city rule requires luxury rental buildings to house homeless families

New city rule requires luxury rental buildings to house homeless families
arrow_forward_ios

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

Loading...