Recognizing the fact that the supply of affordable housing stock was not keeping pace with the needs of the City’s burgeoning population, Mayor Michael R. Bloomberg launched his New Housing Marketplace Plan in December, 2002. By mid-2003, the Plan had begun to produce: creating and preserving affordable housing for low- , moderate- , and middle-income New Yorkers. Now nearly ten years later, the multi-billion dollar effort has funded the creation or preservation of more than 130,700 units of affordable housing across the five boroughs. Despite the obstacles presented by the continued economic downturn, HDC and its partners remain committed to achieving the Plan’s goal of financing the creation and preservation of 165,000 affordable units by the close of the 2014 fiscal year. The programs and initiatives created to see the NHMP through to completion are among the most innovative and ambitious in the nation, but its goals are simple: to strengthen neighborhoods, expand the supply of affordable sustainable housing and stabilize the lives of families that live in the City’s many vibrant communities.
HDC’s contribution to the Plan amounts to more than 60,000 units and is measured in the billions of dollars – more than $9 billion in bonds issued, $1.1 billion in cash from the Corporation’s reserves and in excess of $11 billion in assets under management.
To read more about the Plan, please click through. http://www.nyc.gov/html/hpd/html/about/plan.shtml