Enterprise will invest $150 million in new funding to jump-start the creation of 2,500 units of supportive housing in 45 buildings. Another $625 million will fund 7,500 new homes for low-income New Yorkers.

Bloomberg says than 26,000 of the 65,000 homes and apartments to be created or preserved are already in the development pipeline. That is 40% of the total during the first two years of the five-year plan, putting the administration on track to meet its goal. "We're using every means possible to stimulate more affordable housing by creating innovative incentives and removing barriers to development, and we're encouraging the strong involvement of private and nonprofit funders and developers who are absolutely crucial to creating more new affordable homes for more New Yorkers," says Bloomberg.

Enterprise New York, with money pledged from major financial institutions, will work with the Department of Housing Preservation and Development to provide equity, loans and grants to create 10,000 new affordable homes for low-income New Yorkers; preserve 5,000 existing affordable apartments; and provide grant dollars and technical assistance for community-based organizations to ensure their success in an increasingly competitive housing development market. These units are part of the 65,000 unit goal.