- Ninety-five percent, or 156,351, of the planned New Housing Marketplace units were completed or underway through the end of 2013.
- In 2008, the plan was revised and extended through 2014. The revised plan put more emphasis on preserving existing affordable housing through repairs and refinancing, which is less costly than new construction.
- Since most of the housing to be preserved was already occupied, fewer units were being made available to new households.
- In housing preservation projects, affordability is often guaranteed for shorter periods than for newly built housing.
Under Revised Plan More Units Are for Low-Income Households
- The emphasis on preservation resulted in funds being directed to more units affordable to low-income households, as defined by federal regulations, than under the original plan.
See this IBO report for more information on the New Housing Marketplace Plan.
Prepared by Elizabeth Brown
New York City Independent Budget Office
|SOURCE: Department of Housing Preservation and Development
NOTES: All years are fiscal years. Units are recorded as starts when financing for a project is complete. Other includes units for superintendents, unrestricted units, and unknown. Area median income, based on a formula set by the U.S. Department of Housing and Urban Development, was $85,900 for a family of four in 2013.
Print version available here.
|New York City By The Numbers|