Adams Advances $1.8B into FY2026 Budget for Affordable Development

New York City Mayor Eric Adams said Monday that his administration will invest an additional $1.8 billion this fiscal year to accelerate the development of thousands of affordable homes. The new funding will be moved from the out years of the capital plan into Fiscal Year 2026.

By increasing the Department of Housing Preservation and Development’s FY2026 budget by $1.5 billion and the Housing Authority’s Section 8 Conversions FY 2026 budget by $300 million, the administration can expedite the creation and rehabilitation of nearly 6,500 more homes across 10-plus projects.

“We’ve invested record amounts of money into new housing, created record amounts of homes for New Yorkers, and passed historic zoning reform to open the door to more housing across the entire city,” said Adams. “With this $1.8-billion investment, we’ll deepen our commitment to creating the housing New Yorkers need and the affordable future they deserve.”

The announcement came a day after Adams said he would drop his bid for re-election. 

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