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Affordable Housing Development on HPD-Owned Land
Affordable Housing Development on HPD-Owned Land
Per Local Law 125 of 2024 (LL125), HPD must report on the disposition of HPD-controlled land for affordable housing development and make that information available on its website. This information includes project information; dates of designation, disposition, and financial closing; whether the projects include private parcels; and the amount of City financial assistance received, as calculated through Local Law 44.
LL125 requires HPD to report updates every six (6) months for affordable housing projects on HPD-controlled land where the date of disposition is after July 1, 2016 and before January 1 or July 1 of the current year.
Since July 1, 2016, HPD has financed the construction of approximately 105,000 new affordable homes. Public land is a critical tool for creating new affordable homes, and our public sites represent approximately one-quarter of those new homes. While the housing finance landscape is challenging, with financial uncertainty at the federal level impacting State and local budgets and policy, we continue to press forward to advance affordable housing projects on our public sites expediently, to provide urgently needed new homes paired with public amenities.
These efforts are evident in our progress over the past decade to advance affordable housing projects on public sites. Since July 1, 2016, HPD has advanced 105 projects (or project phases for multi-phase projects) on HPD-controlled public sites through City Council-led land use approval processes. Of these:
- 62 projects (60%) have gone through financial closing and begun construction;
- 11 projects (10%) are slated to close by June 30, 2026; and
- 32 projects (30%) have yet to secure financing and will close in a future fiscal year.
The 62 projects that have closed represent $2.8 billion of City investment in creating new, affordable homes for New Yorkers.