 Mayor
Michael R. Bloomberg has recognized the
urgent need to address New York City’s
affordable housing availability. In late
2002 he made an unprecedented commitment
to create and preserve 65,000 units of
affordable housing over a five-year
period – The New Housing Marketplace
plan. With the initial success of the
New Housing Marketplace, the plan was
more than doubled in 2005 to call for
165,000 units over 10 years.
To achieve our affordable housing
mission, HDC has committed $548 million
dollars of its corporate reserves to
finance the preservation and creation of
25,000 apartments for low, moderate and
middle-income New Yorkers. Three years
into the plan, HDC has overseen the
creation of 24,199 apartments and
approved more than $450 million in
mortgages from its reserves.
HDC has also enhanced its LAMP and New
HOP programs to further the availability
of affordable housing. HDC’s dedication
to affordable housing at all levels has
spurred the creation of the Affordable
Cooperative Housing Program and 202
Senior Housing Refinancing Program.
Additionally, HDC’s current programs are
now tailored to assists with the
redevelopment of HUD-distressed
properties.
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