The Real Deal New York

City approves $500M for affordable housing

Capital will help fund construction and preservation of 2,795 units
June 17, 2014 08:30AM

The New York City Housing Development Corporation approved $500 million to fund nearly 3,000 units of affordable housing across the city on Monday. 

The financing includes $372.6 million in bonds and $88.7 million in subordinated debt. The 2,795 units are spread across 18 developments in three boroughs. Another $40 million will go toward the preservation of two Mitchell-Lama projects, including Cadman Towers in Brooklyn.

The money will help fund construction of 1,259 units as well as the renovation or preservation of an additional 1,536 units.

According to HDC President Gary Rodney, this influx of money will help the de Blasio administration reach its goal of building or preserving 200,000 affordable units over the coming decade.

The 18 developments slated to receive funds will provide affordable housing to residents at various income levels, including homeless families. A portion of the funding will also go toward the controversial Greenpoint Landing development.

“Each of these projects speaks to the core principles and values of the plan,” Rodney told Crain’s.

The distribution of the funds is expected to be completed this month. [Crain’s] — Claire Moses