NEW YORK CITY—As affordable housing looms large as one of New York City's most pressing challenges, Mayor Bill de Blasio announced support for the remaining Mitchell-Lama properties. The Mitchell-Lama program provides affordable rentals and cooperative housing to moderate income families. It was signed into law in 1955.

The $250 million commitment to the historic program is part of the mayor's initiative to save 300,000 units of affordable housing by 2026. Over the next eight years, the program will seek to preserve long-term affordability for 15,000 Mitchell-Lama homes, in both co-ops and rentals. The investment will be used to restructure existing debt, provide long-term tax benefits and pay for critical, structural building repairs.

“From Coney Island to the Upper West Side and for decades, hundreds of Mitchell-Lama buildings have offered stable, affordable homes for New York working families,” said Mayor de Blasio. “We cannot afford to lose one more of these homes. We're investing to protect them for the seniors and families who helped build our neighborhoods, and for generations to come.”