- Associated Press - Wednesday, November 18, 2015

NEW YORK (AP) - New York City is launching a $3 billion initiative to combat homelessness through additional housing and social service support.

The Wall Street Journal reports (https://on.wsj.com/1SXGE8S ) Mayor Bill de Blasio is expected to announce the investment Wednesday.

The city expects to support the construction of 7,500 supportive-housing apartments over the coming years. The city will give nonprofit groups and developers subsidies to carry out the plan. Another 7,500 units will crop up as the city converts existing apartments to the supportive-housing network.

Under supportive-housing programs, people pay a portion of their income and are provided with services plus the housing.

The city says development will cost about $2.6 billion. That includes $1 billion in subsidies to developers. Hundreds of millions more will go toward social and health services for residents.


Information from: The Wall Street Journal, https://www.wsj.com

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