New York City Mayor Bill de Blasio on Wednesday released a more aggressive plan to build and preserve affordable homes for up to 300,000 New Yorkers — up from the previously announced 200,000 goal.

“Building on the incredible affordable housing accomplishments of our first term, ‘Housing New York 2.0’ commits us to creating 25,000 affordable homes a year and 300,000 homes by 2026,” de Blasio said. “Making New York a fairer city for today and for future generations depends on it.”

The new plan will require an additional $150 million a year under the city’s current four-year financial plan. This will bring the city’s investment to about $1.3 billion a year over the next nine years to achieve the new 300,000 goal. Future budgets will reflect this commitment, the mayor said.

"We welcome the addition of $150 million annually to the city’s financial plan which will help expand homeownership opportunities for low-income renters, preserve the affordability of rental housing at risk of being converted to market-rate housing, and increase the new construction of affordable housing by better leveraging public and privately-owned vacant lots,” said Sam Marks, executive director of the nonprofit Local Initiatives Support Corp. New York City.

Under “Housing New York 2.0,” the city will raise the number of affordable homes for seniors and families to 25,000 a year while expanding resources for affordable homeownership programs and not-for-profit organizations buying rent-regulated buildings to preserve affordability.

The plan will use initiatives that will help create 200,000 affordable homes two years ahead of schedule by 2022 and reach the new goal of 300,000 by 2026.

“Through innovative new programs and far-reaching policies, we are delivering affordable housing at a clip that hasn't been seen in decades while doing more to protect tenants and ensure the quality and safety of their homes,” said Housing Preservation and Development Commissioner Maria Torres-Springer.

“I thank the mayor for his leadership, and I commend our many colleagues in the public and private sectors for their continued partnership as we take Housing New York to the next level,” said HDC President Eric Enderlin.

“New York City is addressing the housing shortage with an unprecedented investment in affordable housing,” NYCHA Chair and CEO Shola Olatoye said. “Under NextGen NYCHA, our long-term strategic plan, we’re proud to play our part in providing seniors with affordable homes through Housing New York 2.0.”

The plan was announced at New Settlement Apartments in the Bronx where almost 900 affordable homes in 15 buildings are being preserved as affordable. In partnership with the city, the not-for-profit affordable housing developer Settlement Housing Fund also rehabilitated a playground and initiated the new construction of 60 affordable apartments on a once vacant lot within the portfolio.

Since the Housing New York plan was launched in 2014, the city has financed the creation or preservation of affordable homes for more than 78,000 households. It has tripled the share of affordable housing for households earning less than $25,000 and doubled funding for housing construction and preservation.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.