New York City and New York State have agreed to each sweep $200 million from the Battery Park City Authority to help close their budget gaps. The agreement also provides funds to provide mortgages for affordable housing projects.

“The state’s receiving the $200 million, the city is receiving an equal amount,” said BPCA chairman William Thompson Jr.  “The intention was to see the excess in Battery Park City go to affordable housing. Using it for gap closing both in the city and state kind of is an indication of the tough financial position both are in right now.”

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