Two mayoral housing plan initiatives likely to launch next year

Programs will give developers new to the city chance to "cut their teeth"
May 21, 2014 06:15PM

Two of the mayor’s new housing initiatives will likely be ready to be launched in early 2015, according to Vicki Been, commissioner of the Department of Housing Preservation and Development.

At a city council budget hearing, Been said that the New Infill Homeownership Opportunities Program and the Neighborhood Construction Program, both part of Mayor Bill de Blasio’s $41 billion housing plan, will be ready for implementation by then.

More policy announcements will follow soon, she said during the hearing. The city will also announce the formation of the working groups that were announced as part of the mayor’s plan, Been indicated.

Been said that these programs will give developers who are new to the city “a chance to cut their teeth,” Crain’s reported.

Both new programs aim to gather vacant sites around the city and combine them, making them financially attractive to affordable housing developers. One program will focus on rental properties, the other on those for sale. [Crain’s] – Claire Moses