The Bloomberg administration is three-quarters of the way toward meeting the mayor’s plan of building or preserving 165,000 units of “affordable housing” in New York.
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Affordable-housing developers who work with city to build projects receive subsidies and tax credits, but also rely on private lenders to provide additional financing. That money dried up after the crash, but the market has since improved, allowing for the city to move forward with its plans, officials said.
“Is it perfect, is every problem solved? No,” said Jerilyn Perine, a former commissioner with the city’s Department of Housing Preservation and Development and now executive director for Citizens Housing and Planning Council, regarding the housing program. But she said the size and scope of the city’s program is unparalleled and has largely met its goals despite the weak economy.
More on this in the Wall Street Journal.