NYC announces $23M investment to create, preserve more than 1,100 affordable homes

As New York City continues to grapple with high housing costs, city leaders say this latest investment is being made to help more families find a safe and affordable place to live. These programs are needed. HPD's recent investment is earning praise from local housing organizations like the Bronx Neighborhood Housing Services. The affordable homes will stretch across 11 developments in the Bronx, Brooklyn, and Queens. About $6.7 million have been allocated to Bronx projects, while more than $10.5 million will go towards developments in Brooklyn. City leaders say the funding will help create and preserve housing for low-income New Yorkers, including seniors, as well as supportive housing for some formerly homeless residents. The citywide crisis that we face with affordable housing is deep and is felt by all New Yorkers. And this announcement announces over 1,100 newly created units that will provide vital housing across the city. The funding is coming from direct city investment, low-income tax credits, and private bank partners. But even with this investment, local housing advocates say more work must be done. We have so many people in the Bronx now who are, you know, young people getting married and wanting to start a family, and they need homes. And there's such a shortage of homes in New York City right now. Construction is expected to take two to three years. City leaders believe this latest funding will help create more jobs, stimulate the local economy, and help the city move towards its goal of building and preserving 400,000 affordable homes in the city. Reporting from the Digital Center, Sam Israel, News 12.