September 16, 2022
City-Financed Preservation and New Construction of Nearly 22,000 Affordable Homes in FY22, Including Major Repairs for Nearly 6,000 NYCHA Homes
Homes Affordable to Families Making Extremely Low Incomes — Earning up to $36,000 per Year — Increased to Nearly One-Quarter of Total Production, With More Than Three-Quarters of HPD-Financed Homes Serving Families Earning Less Than $96,080
Support for First-Home Buyers Reached a Record $9 Million
NEW YORK – New York City Mayor Eric Adams today announced several significant achievements over the last fiscal year in the multiagency effort to get New Yorkers into safe, high-quality, affordable homes. In Fiscal Year 2022 (FY22), the Adams administration successfully connected nearly 10,000 families and individuals to stable, affordable homes. With support from the New York City Department of Housing Preservation and Development (HPD) and the New York City Department of Social Services (DSS), 6,173 New Yorkers were approved for a new affordable home through the Housing Connect lottery, 2,203 households formerly experiencing homelessness were connected to homes set aside in HPD-financed developments, and 1,521 households exiting shelter secured supportive housing.
Despite financial challenges brought on by inflation and the ongoing COVID-19 pandemic, HPD, the New York City Housing Authority (NYCHA), and the New York City Housing Development Corporation (HDC) were able to finance the creation and preservation of 21,951 affordable homes during FY22; that figure includes 16,042 affordable homes financed by HPD, as well as financing secured for the upgrade and repair of 5,909 public housing apartments. NYCHA also completed renovations for over 2,600 public housing units through the Permanent Affordability Commitment Together (PACT) program.
“I have said since January that our administration would be lased-focused on getting New Yorkers into safe, high-quality, affordable homes, and now we are producing results,” said Mayor Adams. “In just a few months, we have begun to break down silos and focus on housing our neighbors instead of signing paperwork, and this initial data shows that New Yorkers are reaping the benefits. As we remain in affordable housing and homelessness crises, the administration is taking action, and these numbers prove it.”
“The Adams administration is committed to tackling the housing shortage and ensuring that all New Yorkers have a home they can afford,” said Chief Housing Officer Jessica Katz. “This year, in the face of skyrocketing costs and other hurdles, the team worked incredibly hard to finance 22,000 homes, with the vast majority for families that are too often priced out of New York City. We are especially proud of reaching a record number of families through NYCHA’s PACT program, which provides comprehensive repairs while keeping the home permanently affordable. We have a lot of work to do still, and I hope through partnership with government leaders, local advocates, and the development community, we will be able to make real strides in creating a robust pipeline of new housing, while also shoring up our existing homes for New Yorkers. As we continue to add to the city’s housing supply, we are also focused on addressing the administrative burdens of our social safety net in order to better serve our neighbors.”
“We are focused on building quality, affordable homes that will give all New Yorkers the chance to thrive,” said HPD Commissioner Adolfo Carrión Jr. “As promised in the mayor’s ‘Housing Our Neighbors: A Blueprint for Housing and Homelessness,’ the paradigm for success is shifting, and progress will be measured through our impact on families. This year, the city kept its commitment to serving the New Yorkers who need it the most and promoting equitable neighborhoods by helping thousands of households experiencing hardship secure stable, affordable homes and overseeing a record investment in the city’s first-time homebuyers program. There is more work to be done, and we are focused on making our city a more affordable and equitable place to live.”
“NYCHA continues to create and use innovative solutions to a funding problem that plagues housing authorities across the country,” said NYCHA Executive Vice President for Real Estate Development Jonathan Gouveia. “PACT uses federal funding to provide renovated, state-of-the-art affordable housing to residents, while maintaining strong tenant protections and still ensuring public housing stays public. It is a useful tool, and we will continue to lead the way as the largest public housing authority in the nation by using every available tool in our toolbox.”
“Thanks to the dedication of our partners across New York City, we have made incredible strides in improving our affordable housing supply, combating homelessness, and transforming the lives of our public housing residents,” said HDC President Eric Enderlin. “HDC is proud to join the administration in providing comprehensive solutions that will help ensure New Yorkers thrive during a time when safe and secure housing is needed more than ever. The investments we are making today will protect the well-being of our city and its residents, while continuing to foster stronger and more resilient communities for generations.”
As part of Mayor Adams’ “Housing Our Neighbors: A Blueprint for Housing and Homelessness,” released in June, the administration committed to ensuring that the city’s housing investments prioritize the experiences of New Yorkers and that key reported metrics measure meaningful outcomes for families and individuals in addition to the number of homes financed. That new approach to metrics and accountability will be reflected in the upcoming Mayor’s Management Report.
Other highlights from the city’s housing efforts and investments in FY22 are laid out below.
Keeping Our Commitment to Low-Income Families
In FY22, the administration invested significantly in homes for low-income families and households experiencing homelessness. More than 75 percent of HPD-financed homes are affordable to low-income households earning less than $96,080 for a family of three — or up to 80 percent Area Median Income (AMI). Homes for extremely low-income families — earning less than $36,030 per year for a family of three or up to 30 percent of AMI — increased to 23 percent of total production. Additionally, HPD financed 1,216 new homes with supportive services.
Investing in Public Housing Residents
Safeguarding New York City’s public housing for the next generation of families is a key priority for the administration. Renovations were completed for over 2,600 NYCHA homes through the PACT program. Funding was also secured to upgrade and repair 5,909 public housing apartments under PACT.
Expanding Homeowner Initiatives
In FY22, the Adams administration invested a record $9 million to help New York families achieve their dream of homeownership through HomeFirst, the city’s down payment assistance program for first-time homebuyers. HPD financed renovations for 126 one- to four-family homeownership properties through the HomeFix and Project Help programs, helping existing homeowners maintain healthy and stable housing. Mayor Adams is investing an additional $44 million in expanding homeownership to help New Yorkers build and maintain wealth, particularly in lower-income communities and communities of color.