City approves $500M for affordable housing

Capital will help fund construction and preservation of 2,795 units

New York /
Jun.June 17, 2014 08:30 AM

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 


Related Articles

arrow_forward_ios
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
44th U.S. President Barack Obama (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Barack Obama blasts liberal NIMBYs
Barack Obama blasts liberal NIMBYs
Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
Affordable housing project proposed for Sag Harbor
Affordable housing project proposed for Sag Harbor
Fairstead's Jeffrey Goldberg with Savoy Park (Fairstead)
Fairstead puts Harlem affordable complex on market
Fairstead puts Harlem affordable complex on market
NYC mayor Eric Adams (iStock, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
Adams pledges to add housing, but won’t say how much
Adams pledges to add housing, but won’t say how much
From left: Mayor Eric Adams, Councilmember Kristin Richardson Jordan, and developer Bruce Teitelbaum (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Housing suffers crushing defeat as mayor, speaker do nothing
Housing suffers crushing defeat as mayor, speaker do nothing
Mayor Eric Adams and Kramer Levin's Valerie Campbell (iStock, Getty Images, Kramer Levin)
Mayor outlines sweeping rezoning plan
Mayor outlines sweeping rezoning plan
From left: Bruce Teitelbaum and Kristin Richardson Jordan along with a rendering of One45 (Getty Images, One45, iStock)
Harlem affordable resi project withdrawn, appears dead
Harlem affordable resi project withdrawn, appears dead
arrow_forward_ios

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

Loading...