New York Gov. Kathy Hochul, New York City Mayor Eric Adams and New York City Comptroller Brad Lander on Monday announced a $500-million investment from the Battery Park City Authority’s (BPCA) Joint Purpose Fund to build and maintain affordable housing across New York City. Through an agreement between the BPCA, the mayor and the comptroller, the BPCA will disburse $500 million in excess operating funds from long-term ground leases at Battery Park City to New York City’s Affordable Housing Accelerator Fund.

Monday’s Joint Purpose Fund agreement succeeds the previous agreement for the disbursement of BPCA’s excess operating revenues, which since 2010 have contributed $461 million in dedicated funding for affordable housing across the five boroughs and helped build or preserve more than 10,000 units of affordable housing.

New York City Housing Development Corporation president Eric Enderlin said, “As New York City’s housing crisis deepens and the cost to build new affordable housing continues to rise, we appreciate the efforts of our city and state leaders in securing new and innovative financing sources essential to increasing our housing supply. We look forward to collaborating with our partners to leverage this vital funding and provide more housing for New Yorkers.”