Photo Courtesy of Michael Appleton/Mayoral Photography Office
The City financed 30,023 affordable homes this past fiscal year, including a record 23,520 homes preserved and 6,503 new construction units, Mayor Bill de Blasio recently announced.
By Forum Staff
The City financed 30,023 affordable homes this past fiscal year, including a record 23,520 homes preserved and 6,503 new construction units, Mayor Bill de Blasio recently announced.
Fiscal Year 2020 also marked a record level of affordable homeownership investment, with 16,223 homeownership units.
De Blasio also noted that with more than 165,000 units financed since 2014, the City is more than halfway toward his goal of preserving and building 300,000 affordable homes for New Yorkers by 2026. Despite funding challenges, the City is actively identifying the projects that meet the urgency of the post-COVID-19 era and exploring various financing options to continue delivering affordable housing.
According to the administration, the City is prioritizing projects that serve seniors, homeless households, and the lowest income individuals and families. HPD has a history of successful partnerships and on average has been able to leverage more than $4 for every $1 of city subsidy. Throughout FY 2021, the agency plans to leverage federal and city resources and key partnerships to advance affordable housing development during this critical time. Projects on track to be financed in the coming months are in partnership with Minority and Women-Owned Business Enterprises and local non-profit entities and are anticipated to create thousands of jobs.
“New Yorkers will rely on safe, affordable housing more than ever as we continue our fight against COVID-19,” de Blasio said. “Our efforts to finance and preserve affordable options for low-income New Yorkers will help our most vulnerable neighbors remain stable and healthy in the months to come—and help us emerge from this crisis a fairer, better city.”
One of the notable affordable housing projects financed by the City in FY 2020 is the Bishop Valero Residence in Astoria. According to the City, this project will bring more than 100 deeply affordable homes for seniors including homes for homeless seniors to Astoria. Developed by Catholic Charities Progress of Peoples Development Corporation on the underused parking lot of an existing HUD-funded affordable senior project, the site will feature a 200-seat capacity community senior center and offer supportive services to residents. Rents for all units in the residence will be subsidized through a federal voucher awarded to development. The tax credit allocation for the senior project was increased to ensure construction began on schedule.
“The pandemic has made us see even more clearly what housing means for communities, public health and the future of New York City. The city’s recovery depends on our ability to keep people in their homes and stretch our dollars further to build and preserve even more affordable housing in these challenging times. We are committed to that goal, and working hard to target new tools and resources to address the need for stable, deeply affordable housing for the City’s most vulnerable residents,” said Deputy Mayor Vicki Been.
“We have achieved record success generating affordable housing in recent years. As we manage the pandemic and the resulting economic crisis, HPD is more committed than ever to keeping New Yorkers in safe, secure homes and creating as much affordable housing as possible,” added Louise Carroll, commissioner of the City Department of Housing Preservation and Development.
