Schneiderman to announce 2,200 affordable units in NYC

Money from settlements with BofA and Citigroup to help fund the housing

Jul.July 01, 2015 08:30 AM

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


Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Mark your calendars: These are the top real estate webinars next week

Mark your calendars: These are the top real estate webinars next week

Irving Langer, one of the city’s largest apartment landlords, is scrambling to refinance his 3K-unit empire. (Credit: Langer by Rob Kim/Getty Images for Gulliver's Gate; Rivitography via Autogespot)

Multifamily giant Irving Langer racing to refi 3K-unit portfolio

An illustration of Oak Street Capital’s Marc Zahr

Chicago firm buying billions in real estate from retailers on the brink

A photo illustration of rent strike wheat paste posters (Credit: Getty Images, iStock)

Inside the national rent-strike movement: Red thermometers, tenant manuals & more