Cuomo sets aside $300M in tax-exempt bonds for NYC affordable housing
As of the summer, Mayor de Blasio was ahead of schedule on his ambitious plan to build or preserve 200,000 units of affordable housing over 10 years, having financed nearly 53,000 such apartments. His goal will now be even closer in grasp thanks to the additional $300 million in federally tax-exempt bonds the Governor has allocated to subsidize the cost of new construction, which brings the city’s total bond capacity to $771 million, according to the Daily News, an 11 percent increase over 2o15.
There’s been tension in the past between the two elected officials over affordable housing. As Gothamist reports, last year, the Governor set aside $90 million in bonds, much lower number than the $230 million the city expected. Officials said this prevented 1,200 units of affordable housing from being built. The state also tried to increase their oversight into how the bonds are used, along with an attempt by the Governor to create his own statewide housing plan, which would’ve taken away from the city’s allotment. And more recently, Cuomo went ahead with 421-a renegotiations without input from the Mayor.
But this recent news is being welcomed by the de Blasio administration, especially considering it’s the second largest allotment the city has ever received. “This funding is critical to keeping our affordable housing engine in high gear. With so many vital projects lined up — including homes for low-income families and homeless seniors — we are grateful the State is coming forward with this additional $300 million allocation,” said spokeswoman Melissa Grace.