NYC announces $23M investment to create, preserve more than 1,100 affordable homes
The investment includes more than $6.7 million for projects in the Bronx and more than $10.5 million for developments in Brooklyn.
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More than $23 million in tax credit awards will help create and preserve more than 1,100 affordable homes across New York City, with projects planned in the Bronx, Brooklyn and Queens, city officials announced.
The investment includes more than $6.7 million for projects in the Bronx and more than $10.5 million for developments in Brooklyn. In total, the funding will support 11 developments throughout the three boroughs.
City leaders say the investment is intended to help address New York City's ongoing affordable housing shortage by creating and preserving homes for low-income New Yorkers, including seniors, while also providing supportive housing for some formerly homeless residents.
Local housing advocates welcomed the announcement.
"These programs are needed," said Gladstone Johnson of Bronx Neighborhood Housing Services.
Johnson said his organization works closely with the city's Department of Housing Preservation and Development to connect residents with housing resources.
"We have a great relationship with HPD. They do a lot of good work, and we are like their hands out in the community to reach directly to the people," Johnson said.
Patrick Love, deputy commissioner of development for the Department of Housing Preservation and Development, said the projects are part of a broader effort to address the city's housing crisis.
"The citywide crisis that we face with affordable housing is deep and felt by all New Yorkers. This announcement announces over 1100 created units that will provide vital housing across the city," Love said.
According to officials, the projects are being funded through a combination of city investment, low-income housing tax credits and private bank partners.
Johnson said the investment is a positive step but emphasized that additional housing is still needed.
"We have so many people in the Bronx who are young people getting married wanting to start a family and they need homes; there's such a shortage of homes in New York City right now," he said.
Construction is expected to take two to three years.
City leaders say the developments are also expected to create construction jobs, stimulate local economies and help New York City move toward its goal of building or preserving 400,000 affordable homes over the next decade.
