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Bloomberg Retools Affordable MF Program

NEW YORK CITY-The city's New Housing Marketplace Plan, its funding bumped up by $1 billion, will emphasize preservation of existing apartments rather than building new ones.

By Paul Bubny | Updated on February 22, 2010

NEW YORK CITY-The Bloomberg administration’s revamp of its affordable housing plan does more than bump up the eight-year-old program’s cost by $1 billion. By focusing more on preserving existing apartment units than on building new ones, it also expands the program’s capacity, housing advocates say.

“Given where the market is right now, it’s an opportune time to do more preservation work,” Abby Jo Sigal, VP and New York director of Enterprise Community Partners, tells GlobeSt.com. “You’re able to do more units than you could do in a frothier market.”

First implemented in 2002, the city’s New Housing Marketplace Plan aims at creating 165,000 affordable housing units citywide by 2014, whether through preservation or new construction. To date, it’s financed the construction of 35,900 new affordable housing units and the rehabilitation of 62,500 existing units citywide.

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