Implementing the Plan

Funding

Creating and preserving 200,000 units of affordable housing over 10 years is a significant undertaking. We estimate the total cost, including all possible public and private sources, will be $41.4 billion. This plan lays out a series of steps we are taking to ensure this effort is a success:

  • The Mayor's 2015 budget will propose to more than double the Department of Housing Preservation and Development's annual capital budget in the 5-year plan, a substantial down payment on this commitment
  • The Mayor's budget will also propose additional funding for infrastructure investments needed to make land available for significant new housing opportunities
  • Through a series of new loan securitizations—immediately and over the course of the Plan, the City will maximize the resources available at Housing Development Corporation (HDC) to contribute to the Plan
  • The Mayor's 2015 operating budget will increase staffing at the Department of City Planning and HPD to ensure that the Housing New York plan can be efficiently and quickly implemented
  • We will make more efficient use of the City's resources to maximize their impact
  • Working with financial institutions, pension funds, financial intermediaries and philanthropy, we will also seek to leverage private capital on a greater than 3 to 1 basis
  • We will work in partnership with the State and the Federal government to identify new resources to fund affordable housing in the City and help us meet these critical objectives