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$550M Earmarked for NYC Affordable Housing

NEW YORK CITY-The Mayor has backed new tax abatement legislation while the Housing Development Corp. pushes to meet 2013 deadline.

By Katie Hinderer | Updated on December 10, 2006

(To read more on the multifamily market, click here.)

NEW YORK CITY-Days after Starrett City was put on the auction block, New York City’s government is taking steps to assure affordable housing still exists in the area. The Housing Development Corp. has approved providing $550 million in financing for about 2,000 apartments and Mayor Michael Bloomberg has backed reforms to the 421-a property tax program.

On Friday, the Housing Development Corp. approved funding for the creation or preservation of 2,000 apartments. This year the HDC has provided $1.8 billion to create or preserve more than 9,000 apartment units in all of New York’s boroughs. The recent funding will provide $71.5 million for four projects in the Bronx. The projects are for residents who make less than $42,540 per year for a family of four, and include 500 East 165 St. in Morrisania; 4278 Third Ave. in East Tremont; 1926 Crotona Pkwy in Crotona Park; and 1785 Walton Ave. in Morris Heights.

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