Production Achieved Despite National Real Estate Market Downturn    

Nearly 94,000 Homes Created or Preserved Under Mayor Bloomberg’s New Housing Marketplace Plan

New York City Housing Preservation and Development (HPD) Commissioner Raphael E. Cestero announced today that amid a nationwide economic downturn and an uncertain housing market, the City has financed more than 12,500 units of affordable housing for middle-class and low-income New Yorkers over the last fiscal year, which ended June 30, 2009. The units of affordable housing are part of the Bloomberg Administration’s New Housing Marketplace Plan (NHMP), an ambitious $7.5 billion initiative to create and preserve 165,000 units of affordable housing for half a million New Yorkers. Building and preserving affordable housing in neighborhoods across New York City is a central component of the Bloomberg Administration’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implementing a vision for long-term economic growth while strengthening New York City’s diverse neighborhoods.

“In the midst of this economic downturn and the precipitous drop in housing starts nationally, New York City continues to forge ahead to create quality, safe and affordable housing for all New Yorkers,” said Commissioner Cestero. “Over the last fiscal year, despite the tough market, HPD and the Housing Development Corporation financed 12,500 units of affordable housing for New Yorkers. While many people thought we would miss the ambitious target that we set for ourselves, but we were able to reach this milestone because we saw opportunities where others only saw roadblocks. We remain committed and on track to creating and preserving 165,000 units of affordable housing under the Mayor’s New Housing Marketplace Plan and, by doing so, making New York a more affordable city for all its residents.”

Mayor Michael R. Bloomberg’s New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation.  To date, the plan has created or preserved nearly 94,000 units of affordable housing, including 39,231 units for middle-class New Yorkers.  Of the total units started under the plan, 35,549 have been through new construction and 58,367 have been preserved as affordable homes.   

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NYC Department of Housing Preservation and Development (HPD)

HPD is the agency responsible for carrying out Mayor Michael R. Bloomberg’s NHMP and its mission is to promote quality housing and viable neighborhoods for New Yorkers. It is the nation’s largest municipal housing preservation and development agency. Responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing. HPD also actively promotes the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. For more information, visit www.nyc.gov/hpd.

NYC Department of Housing Development Corporation (HDC)

The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City.  Our programs are designed to meet the wide-range of affordable housing needs of the City's economically diverse population. 

New York City’s Five Borough Economic Opportunity Plan

The Bloomberg Administration’s Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city’s economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth. To learn more about the plan, visit nyc.gov.