City Advances on Low-Income Housing Goal for Vulnerable Populations

Mayor de Blasio recently announced that the city financed 25,299 low-income homes in Fiscal Year 2019, and a total of 135,437 affordable homes since 2014. This represents significant strides toward the mayor’s goal to create 300,000 low-income homes by 2026 through the Housing New York (HNY) plan. FY 2019 saw the highest production of units for homeless, seniors, and supportive housing of any year on record.

The city financed nearly 2,000 low-income homes for seniors in this fiscal year alone, for a cumulative total of 8,476 senior-restricted units financed since the beginning of the de Blasio administration. HPD also recently launched its Affordable Independent Residents for Seniors (AIRS) program, which will leverage the zoning code to accelerate the creation of affordable, rent-stabilized homes for seniors throughout the five boroughs.

Of the 25,299 homes financed this past fiscal year, which ended June 30, 54 percent will serve very low-income families earning less than $48,000 per year, including more than 5,300 homes for families of three earning less than $28,800 per year. Over 4,000 of the 25,299 affordable homes financed this year and over 36,000 of the total 135,437 HNY units financed to date will remain affordable permanently. All other units are subject to binding regulatory agreements that ensure affordability for at least a generation.