We will continue to pursue creative financing strategies to reach new income brackets
Under the expanded 10-year New Housing Marketplace Plan, the City will create 92,000 new units of housing. But just like other cities across the country, New York City struggles to provide housing to a range of incomes. As a result of the existing resources available to create housing, HPD programs have traditionally targeted populations earning between $20,000 and $40,000 per year.

By enhancing our existing middle income programs and committing additional capital funding to develop a new Middle Class Housing Initiative, 22,000 units will be targeted toward New Yorkers earning between $50,000 and $145,000 per year for a family of four.

In addition, the New York City Housing Trust Fund will utilize approximately $70 million of Battery Park City Authority revenues to target households earning below $20,000 and households earning between $42,540 and $56,700.

Finally, the $200 million New York City Acquisition Fund will be used as early stage capital to acquire privately-owned land and buildings that will enable the construction and preservation of 30,000 units of affordable housing.

All three programs provide new sources of funding to meet the housing needs of populations that have been underserved by City programs in the past.

Progress (as of 4/22/08):
The City has been actively working for the passage of new 421-a legislation, which the State is expected to pass in the next few months, allowing the City to leverage new development for affordable housing. The State Legislature signed final pieces of the new legislation into law in February 2008. On February 28, the public review process began for the Rules for Implementation.