24 Hour Local Real Estate News

City Sets New Records for Affordable Housing Production

New York City Mayor Bill de Blasio New York City Mayor Bill de Blasio

NEW YORK CITY—Mayor Bill de Blasio reports that New York City has secured more than 24,000 affordable housing units citywide in Fiscal Year 2017.

The total of 24,293 (preserved or built) affordable apartments and homes is the highest such production level since 1989, city officials state. The city’s 2017 Fiscal Year ended June 30th. The 10-year Housing New York plan to create or preserve 200,000 homes has financed a total of 77,651 affordable homes since January 2014, including the highest three-year streak of affordable housing production in the city’s history.

Figures released by the de Blasio administration indicate that more than 40% of the homes financed were for families earning less than $43,000 a year, including more than 4,014 homes for families of three earning less than $26,000 a year.

Mayor de Blasio says, “Affordability is the key to protecting New York families, stabilizing our neighborhoods and the city as a whole. By making smart investments we are stretching public funds and creating more and better homes for New Yorkers, from formerly homeless families to seniors, firefighters, police officers and teachers. We have more work to do, but this city is for New Yorkers—and we will keep it that way.”

Under new programs created by the city’s Department of Housing Preservation and Development and Housing Development Corporation, the 2,571 homes for formerly homeless families in FY 2017 was the highest recorded in New York’s history, which beat the record set in Fiscal Year 2016 of 1,907 homes.

Fiscal Year 2017 saw the financing of 7,705 new apartments and 16,588 preserved homes, representing a direct investment of $1 billion by the City of New York. The city funding leveraged more than $1.3 billion in bonds issued by the Housing Development Corporation during Fiscal Year 2017, which brought the direct city investment under the housing plan to $2.8 billion, and total bond financing to $5.5 billion.

“Through the 77,651 units financed to date under Housing New York, we are delivering affordable housing on a scale that hasn’t been seen since the Koch era,” said Housing Preservation and Development Commissioner Maria Torres-Springer. “More importantly, we are reaching more of the city’s lowest-income families, making good on our commitment to reach far deeper levels of affordability.

Another 4,627 affordable senior apartments were financed under the HNY plan in FY 2017. That total brings the city to nearly a third of its goal of creating 15,000 homes for seniors, many of who are living on fixed incomes. The 929 homes created in Fiscal Year 2017 include the first projects to benefit from the city’s Zoning for Quality and Affordability amendment, which makes it easier and less expensive to build quality, affordable senior housing citywide.

Copyright 2017. ALM Media Properties, LLC. All rights reserved.