NEW YORK (PIX11) -- To address the housing crisis, officials announced Monday morning an investment of $500 million to construct affordable housing throughout New York City. Funds were generated from lease revenue acquired by the Battery Park City Authority, a New York state public benefit corporation that operates and maintains Battery Park City. To date, [...]
NEW YORK (PIX11) -- To address the housing crisis, officials announced Monday morning an investment of $500 million to construct affordable housing throughout New York City.
Funds were generated from lease revenue acquired by the Battery Park City Authority, a New York state public benefit corporation that operates and maintains Battery Park City.
To date, the BPCA has contributed $461 million for affordable housing units, helping to build or preserve over 10,000 units.
“To solve a generational housing and affordability crisis, every sector has a role in providing relief to working-class New Yorkers. Today’s announcement takes us one step closer to delivering that relief,” said Mayor Eric Adams. “Our administration and our partners are united by a common cause: building more affordable housing. The only way to solve these dual crises is to simply build more, and with this $500 million commitment, we are coming together to use our dollars to make a difference and better support working-class New Yorkers.”
The announcement is the most recent update in the citywide push to construct more affordable housing. On Tuesday, local officials celebrated the groundbreaking of Starhill Phase II, a project that will create 244 affordable apartments in the Bronx.
New Yorkers looking for affordable housing may browse and apply for open lotteries listed on NYC Housing Connect.
Ben Mitchell is a digital content producer from Vermont who has covered both local and international news since 2021. He joined PIX11 in 2024. See more of his work here.
