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NYC Shifts $466M Back to Fiscal 2021 for Affordable Program
Reversing funding cuts to its Housing New York program, the de Blasio administration is shifting $466 million to the current fiscal year’s capital budget during the upcoming Preliminary Plan to keep momentum going. The cuts had occurred in March, when the city shifted the $466 million from the Department of Housing Preservation and Development’s budget to fiscal years 2022 through 2024.
“With these restored funds, we’ll be forging ahead on the goals of Housing New York with an even sharper focus on protecting the most vulnerable among us,” said HPD Commissioner Louise Carroll.
Already in fiscal 2021, HPD has closed on several projects that align with these goals. They include 1921 Atlantic Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood; 461 Alabama Avenue, also in Brooklyn; and Victory Commons in the Bronx.
HPD has also recently preserved three properties across the Bronx and in Carroll Gardens, Brooklyn through the Neighborhood Pillars program.
Pictured: 461 Alabama.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
