NYC finances, preserves 30,000 affordable housing units in FY 2020

Bishop Rene Valero Residence New 105-unit Senior Housing Project in the Astoria community. In addition to the Residential Units, the building will include a Senior Center with a full cafeteria for Seniors to support meal delivery to the home bound, Administrative Support Offices and Recreational Facilities. Original Budget – $37,600,000 (Arma Development Consultants)

New York City has financed 6,503 new construction units and preserved “a record 23,520 homes” as affordable housing in fiscal year (FY) 2020, Mayor Bill de Blasio said on Aug. 5.

Throughout FY 2021, the city’s Department of Housing Preservation and Development plans to leverage federal and city resources and key partnerships to advance affordable housing development, the mayor’s office said in a statement. Projects on track to be financed in the coming months are in partnership with Minority and Women-Owned Business Enterprises and local non-profit entities and are anticipated to create thousands of jobs.

“New Yorkers will rely on safe, affordable housing more than ever as we continue our fight against COVID-19,” de Blasio said in a statement. “Our efforts to finance and preserve affordable options for low-income New Yorkers will help our most vulnerable neighbors remain stable and healthy in the months to come – and help us emerge from this crisis a fairer, better city.”

With over 165,000 units financed since 2014, the city is more than halfway toward the mayor’s goal of preserving and building 300,000 affordable homes for New Yorkers by 2026, the statement said. “Despite funding challenges, the city is actively identifying the projects that meet the urgency of the post-COVID-19 era and exploring various financing options to continue delivering affordable housing.”

Projects financed in FY 2020

Bishop Valero Residence: This project will bring more than 100 deeply affordable homes for seniors including homes for homeless seniors to Astoria, Queens. Developed by Catholic Charities Progress of Peoples Development Corporation on the underused parking lot of an existing HUD-funded affordable senior project, the site will feature a 200-seat capacity community senior center and offer supportive services to residents. Rents for all units in the residence will be subsidized through a federal voucher awarded to development. The tax credit allocation for the senior project was increased to ensure construction began on schedule.

Co-op City: Record breaking affordable housing preservation has been driven by the City’s historic investment in Co-op City, the world’s largest housing cooperative. More than 15,000 homes in the Bronx development will remain affordable to owners for the next 40 years, thanks to the City’s preservation programs and tax exemptions, to ensure stability and security for families living in 95 buildings throughout the Bronx, Brooklyn, and Manhattan.

A complete summary of FY20 numbers available here.


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