New NYU database sheds light on affordable housing subsidies

New York /
Sep.September 08, 2011 11:48 AM

alternate
text
HPD Commissioner Mathew Wambua

New York University’s Furman Center of Real Estate and Urban Policy has compiled the first known comprehensive database of the city’s affordable housing stock that links the units to the agencies that subsidize them. The Wall Street Journal reported that it is available on the Furman website beginning today.

By highlighting the origin of affordable housing subsidies, across the city, state and federal agencies that contributed data, the database provides a clearer picture of when the funding expires and the units can be converted to market rate. According to the database, one-quarter of the city’s 171,000 affordable units could begin charging market rates in the next five years unless subsidies are renewed. Eleven thousand affordable units could expire in the next few years simply because they are funded by programs that no longer exist.

“This allows us to think systemically about the timing of expiration of units,” Housing Preservation and Development Commissioner Mathew Wambua said of the new database. As The Real Deal reported in its September issue, the city is working to achieve affordable housing preservation goals despite budget cuts. [WSJ]


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Camber Property Group's Andrew Moelis and Rick Gropper with 2060 Pitkin Avenue in Brooklyn and 1971 and 1975 Grand Avenue in the Bronx (Photos via Camber Property Group, Omni New York)
Affordable housing developer Camber scoops up Section 8 portfolio
Affordable housing developer Camber scoops up Section 8 portfolio
33 Eastville Ave, Sag Harbor, NY (Google Maps)
East Hampton pursues affordable housing dev for former Baptist church
East Hampton pursues affordable housing dev for former Baptist church
Tishman Speyer president Rob Speyer and Edgemere Commons (Getty)
Tishman Speyer grabs bulk of Arker’s mammoth, delayed project
Tishman Speyer grabs bulk of Arker’s mammoth, delayed project
Investors continue to snatch up city’s multifamily, industrial assets
Investors continue to snatch up city’s multifamily, industrial assets
Investors continue to snatch up city’s multifamily, industrial assets
How long does it take to lease an affordable housing project? Too long
Red tape keeping affordable units empty for 15 months
Red tape keeping affordable units empty for 15 months
Attorney General of New York Letitia James and United States Secretary of Housing and Urban Development Marcia Fudge (Getty)
State attorneys general call for eviction ban on subsidized renters
State attorneys general call for eviction ban on subsidized renters
arrow_forward_ios

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

Loading...