The Real Deal New York

Schneiderman to announce 2,200 affordable units in NYC

Money from settlements with BofA and Citigroup to help fund the housing
July 01, 2015 08:30AM

New York Attorney General Eric Schneiderman is scheduled to announce the creation and preservation of 2,200 affordable units in New York city.

The money will partially come from settlements with Bank of America and Citigroup over the role of the banks’ mortgage bond practices leading up to the 2008 financial crisis, Bloomberg reported. The banks are providing $75 million, according to the website, which will also be used for 1,500 affordable units outside of the city.

“New Yorkers were hurt in many ways by the housing crisis,” Schneiderman said. “My office has been creative in finding new ways to help New Yorkers recover.”

Schneiderman promised to help those who were “hardest hit” during the 2008 crash, according to Bloomberg. New York was allocated about $1 billion from the respectively $16.7 billion and $7 billion settlements on which Bank of America and Citigroup agreed. [Bloomberg] — Claire Moses