Affordable Housing Starts
More than 175,000 units were newly constructed or preserved between 2002 and 2013, the largest affordable housing program in the nation.
Major Projects Included
Hunter’s Point South in Long Island City, Gotham West on the west side of Manhattan, City Point in downtown Brooklyn and Via Verde in the South Bronx.
Under .6% of homeownership units in the City’s affordable plan entered foreclosure.
1.8 million square feet of retail space was created as a result of affordable housing development.
The City won the Harvard Innovations in Government Award for facilitating access to capital for non-profits so they can compete with for profit developers to build affordable housing.
The City made developing affordable housing more appealing to the private sector through inclusionary zoning, which led to the creation of 4,000 units of affordable housing.
The City created a pilot program, the adAPT NYC competition, to develop a new housing model that caters to the City’s growing number of small-sized households.
The City’s Housing Development Corporation (HDC) issued roughly 10% of all the multifamily housing revenue bonds in the U.S. From 2004 to 2013, HDC was the largest national issuer of mortgage revenue bonds for affordable multifamily housing.
In 2013, S&P and Moody’s reaffirmed HDC’s AA/Stable rating, specifically noting its history of no unintentional defaults, its strong underwriting and asset management practices, and its conservative financial policies.