- Associated Press - Wednesday, October 25, 2017

NEW YORK (AP) - New York City’s mayor says his administration’s plan for more affordable housing will reach its goal of building or preserving 200,000 affordable apartments by 2022 - two years ahead of schedule.

Democratic Mayor Bill de Blasio (dih BLAH’-zee-oh) said at a news conference in Brooklyn Tuesday he is adjusting the plan due to the success of the original goals. The new plan aims to deliver 100,000 more affordable units by 2026.

Of the 200,000 affordable units, 80,000 will be new constructions. The rest will be existing apartments kept from switching to market rate through subsidies or other arrangements between the city and landlords.

The mayor also says the city will invest in a fund to help nonprofits buy buildings with affordable apartments, thus preserving more low-income housing.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide